I've seen it go wrong both ways — CTOs who gold-plate systems nobody uses yet, and founders who promise customers features that are a month away from being architecturally possible. Both happen because the two sides aren't seeing the same thing.
The best early-stage CTOs I've watched work well are the ones who treat "no we can't do that" as a last resort. What feature did you promise that you genuinely couldn't deliver, and what did you actually ship instead?