How Powerful are Powerpoints?

Sometimes I wonder how useful powerpoints are in the classroom. While they are a good way to present information to a large group of students at once, how effective are they in the everyday classroom setting? I have been sitting in classes since coming to college that have shown me a large variety of different teaching methods. I have seen teachers teach through solid lecture, I have seen teaching through example, and I have seen teaching through student teaching, along with much more. Once of the things that I have noticed with myself however is that when I am sitting in class that is straight lecture, I will pay more attention to that in comparison to a class where the teacher reads from powerpoint slides. Why is this? I remember when powerpoints where a "new thing" in the classroom. They were innovative, different, and something that would catch the students attention. however now they seem dull, and played out. Why am I going to listen to a lecture the is being read straight off of a slide projected in class? Especially if that same slide is going to be listed on a group page somewhere for me to read at a later date? I wonder why powerpoint has lost its luster.