John,
I really like the ANM product but I find it most useful post-migration. All of my CSS to ACE migrations are done at the CLI. ANM makes it easier to monitor, configure and troubleshoot once you have a context up and running.
The biggest advantage for me has been that the ANM product cut down on the amount of time I've had to spend in cross training my team. Great group of guys but they struggled with policy maps, class maps, etc. With ANM they don't have to worry about that since it's done behind the scenes.
I had the pleasure of meeting with Mark Dittmer this past Friday. He's one of the TMEs at Cisco. I got a sneak peak at ANM 3.0 and it is impressive. They have made some nice changes to the GUI and added much more to the product. New wizards and tooltips to make it even easier to work with. I was really impressed.
My only gripe was the Red Hat requirement but I believe that my be changing in the future as well.