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You need to distinguish between old-school AVS and the more recent (mainly video-only) AEN programs ("free" sites like SexKey are something else again).
Basically the traditional AVS operators haven't done anything new since they introduced "premium" sites in what, 1998. I suppose that's not entirely true, most of them have made upsells harder for everyone except themselves and they handed their businesses over to a handful of people with scripts that churn out new sites every day...
AVS isn't dead, but if you want to see how a total lack of ambition and business sense can p*ss away millions of dollars, old-school AVS is the best example in this industry to date.
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