I beg to differ. 90% of AMVs are total crap (but then, so is 90% of everything), but the remaining 10% or so range from middling to amazing.
If you've got an AMV.org
account, check out Kaleidoscope, a Kaleido Star AMV. If that doesn't wow you, nothing will. It could practically be a part of Disney's Fantasia it's so well put together (and yet so simple at the same time, no fancy effects, simple but powerful editing, great timing between the visuals and music).