I was complaining about them labeling series 1-3 figures as 'peach filecard' in another thread on these boards. I agree that's pretty boneheaded.
Also, they label series 7 figures as '34 back', even though both versions of series 7 cardbacks have 34 characters on back. That irritates me too. They seem to still be learning with the label content.
But where they most fall short is in their lack of a web-searchable graded census. That I still can't go onto their site and find out the grading distribution of a given figure is obscene. They really need to quit promising that feature and deliver.
Overall though, I still like AFA's service much more than I dislike it. They've been very friendly and accomodating. I think the cases are attractive. It's my money, and I'll get my stuff graded if I want to. And I do.
And I find the 'excessive price multiples' commanded by graded figures are more often being relegated to the top tier grades as the novelty of grading wears off. When CGC first came out, everything traded at stupid multiples. Now 9.0s and even 9.4s sell for guide. Some don't even recoup grading costs. Similarly, it's getting to the point now that AFA80s are selling at the price of their ungraded equivalents. In a couple year's time it may be only high-subbed 85s and 90s that command big premiums. And I don't see what's wrong with that. Abnormally high quality pieces, be they toys or comics or coins or stamps, graded or ungraded, should garner big premiums cause there's an elite group of collectors in every market willing to pay for the prestige of owning the very best example.
With or without grading, big walleted collectors (guts) have always payed enormously for superhighgrade pieces. All grading has done is relinguish the seller of the need for superlative credibility, enable the transactions to occur in a more public forum, and for pieces to be exchanged site unseen. Top tier items always smash through the roof of 'accepted market values.' It just used to happen quietly at conventions and through private transactions.
I will admit, however, that grading has created a nigh-retarded subset of buyers who will pay outrageous multiples (100x+) to get gem mint copies of readily available, inconsequentially valuable ($2-$10) items. Clearly these people are buying into the cult of grading and not the pieces themselves. But I don't think you can blame grading services for these transactions. Nobody's forcing the buyers. They'll learn their lesson in 10 years when they find out that a CGC10 Spawn 1 isn't worth the $1000 they paid for it. But those people are like the people who jumped in on the NASDAQ when it was at 5000. They deserve to lose their money.