This is an old question, but I thought that future searchers might appreciate this alternative, which in complex situation is much easier than splitting out the phantoms over the tab stops. It uses pgf, which has \pgfsys@begininvisible and \pgfsys@endinvisible for this purpose.
\documentclass{article}
\usepackage{pgf}
\usepackage{amsmath}
\makeatletter
\newcommand\pgfinvisible{\pgfsys@begininvisible}
\newcommand\pgfshown{\pgfsys@endinvisible}
\makeatother
\begin{document}
\begin{align}
a & = b + c \
\pgfinvisible a & = b\pgfshown + c \ % Hides some components of above line
& = d + e \
\pgfinvisible & = d\pgfshown + e % Hides some components of above line
\end{align}
\end{document}
The output:

This is the mechanism that beamer's overlay system uses.
In fact, you can put this around the entire align* environment, which doesn't work with \phantom and is what the question asker originally wanted. Then one must be careful about introducing extra vertical space.
I should add here that, apparently, this does not remove the text from the PDF (it gets offset somewhere where it won't appear on the page, as far as I understand) so this is not a suitable approach for redaction.
\phantomeach individual 'cell' – cmhughes Aug 27 '12 at 01:20minipagewith the\phantomwrapped around that, but unfortunately it would foul up the vertical spacing. – barbara beeton Aug 27 '12 at 12:57