I'm not a good case for modern AOW courses, but I'll offer some thoughts on what I've seen helping out instructors.
First, I'm not a good model because I was YMCA OW certified back in 1985. Whether it was the agency or the instructor, the course was incredibly thorough. We learned deco tables and were never told not to do deco dives, for example. (But we were taught rebreathers will kill you. And had a skeptical eye on that voodoo gas stuff. You might say my instructor was a bit old-fashioned.) My AOW was with a guy I worked with, and we'd been diving a lot together for work. We'd done deep and night dives, for example, before I even thought about getting AOW. We'd used compass orientation for 3-leg dives. That said, search and recovery techniques was new for me, and I picked up some useful tips on night dives. Fish ID? Shoot, he and I were TEACHING fish ID. (For college credit, not certification.) The point of getting the card was I needed to get Rescue to be consistent with AAUS standards, so I had to get AOW first.
In classes I've helped with, I've seen a thorough class where lots of useful skills were taught. (Lift bags, implement various search patterns, compass navigation, night diving safety, etc.) I've also seen ones that were more of a "let's do some fun dives together." As has been written about 18 million times on this board, instructor matters.
However, even with the more "let's do some fun dives together" I can see the advantage of AOW for at least some divers. I've seen folks certified OW by the skin of their teeth. They really need more supervised experience. Maybe they shouldn't have been certified, but that ship has sailed. If getting a card gets them more experience before they end up ruining some poor insta-buddy's dive, great.
I suppose it's a spin on the old "you can fool some of the people all of the time" saying. Some of the AOW classes will benefit all of the AOW divers, and all of the AOW classes will benefit some of the divers, but not all of the AOW classes will benefit all of the divers.