Let's state the obvious, first: iChat has the market cornered for AIM videoconferencing. Honestly, if you're on a Mac and you have an AIM account, you're most likely going to use iChat to take care of that. It is integrated better with the OS, it operates perfectly fine and, yeah, it has video.
What iChat doesn't do, however, is merge the AIM and Facebook contacts as nicely as this. Sure, you can login to Facebook chat using iChat's Jabber protocols, but it isn't nearly as pretty and you don't get AIM's jazzy new "LifeStream" deal which nicely integrates AIM status messages with the Facebook status messages. AIM for Mac also makes use of AIM Expressions which, until now, only worked on the PC side. Another thing that this software does is allow you to login to your ICQ account -- a beautiful feature considering that ICQ for Mac hasn't been updated in seven years. It's not perfect, but it does make an entirely passable alternative ICQ client.
People like to malign this software because of the perceived "corporate" or Windows-centric persona of AOL and while this version does lack stuff like video conferencing, it is light years beyond the buggy 4.7 version of AIM that was released before this and, in reality, the feature set of this software easily surpasses Adium's AIM implementation. And Adium is universally loved by all Mac users, despite having the same shortcomings as this software (namely, lack of video).
Rather than complain about how it lacks videoconferencing and how it's not iChat and how it's made by AOL and is therefore terrible, let's give credit to AOL for even making the thing at all. AOL could easily have thrown their hands up in the air and said, "Eh, why bother... it's a Mac and they've got their own iChat". They could have, in short, pulled an ICQ, who has no intention of supporting Mac in the future. But they did bother to make something, and they released it and they continue to update it regularly.
As someone who got used to fighting with old and outdated pieces of Mac software because of lack of support, I see this at least as a good start.