It makes very little difference where the capacitor is, anywhere on the board.
Indeed, far fewer local-bypass caps are needed, on a 4-layer board, than the number of ICs.
What's always more important is, what is the impedance between IC power and ground pins, and are there any peaks (resonant frequencies) where it's worse?
Putting caps on a parallel plane, or right beside the IC pins, can indeed make things worse instead, by introducing resonances!
It's all a matter of impedance. Count up the stray inductances, count up the bypass caps, draw the equivalent circuit, and start calculating pairs of Z = sqrt(L/C). If Z is very different from any nearby ESR (don't forget to put in typical values for capacitor ESR and ESL), it's probably resonating with a large peak at a frequency near F = 1 / (2*pi*sqrt(L*C)).
Common accidents include using too many ceramic capacitors, or aluminum polymer capacitors, both of which have so low ESR that it's almost impossible to avoid resonances -- to put it another way, there's almost no damping in the power supply network (PSN). It is not only possible, but fairly common, that a PSN has a lower worst-case impedance by adding resistors in series with large ceramic capacitors!
Tantalum capacitors are very popular because they include a modest value ESR, which tends to dampen the network.
There is no point where a large (>1uF) capacitor acts as a "reservoir", not for power quality analysis purposes. How do I know? Because the voltage across such a large cap doesn't change one millivolt over the duration of a power line spike! The wave just bounces off. Large caps are only relevant for high power circuits, like DC-DC converters and MOSFET gate drivers.
Tim