I actually don't mind AVP as much as I used too. It is campy and have some effects that feel quite out of place, but the premise kind of works. I also appreciate that the Aliens aren't there just to serve as cannon fodder for the humans and punching bags for the Predators.
It easily ranks AVP higher than AVP:R and THE PRED while deferentially ranking below PREDS, A:R, P2 and PROM.
When it comes to the fleshy look of the Aliens I always attributed it to the fact that the way Predators have access to Aliens is through some kind of cloning. The bulky Predator look can be explained by cultural/ethnic or clan-specific differences and preferences.