Oh, it exists alright. I am living proof. In 'real' cases, it is almost always an indicator of future mental illness, mainly Bipolar disorder.
Real ADD/ADHD is actually a control and cognitive disorder characterized by borderline mania, but since kids are ALL generally a bit on the manic side, we tend to let that aspect of the disorder slide and focus on the inability to concentrate, focus and sit still.
My personal belief is that ADD/ADHD, and yes, even Bipolar disorder have become catch all excuses for pigeonholing anyone who 'just doesn't quite fit in', but there are definately real cases out there.
A recent explanation for the rash outbreaks of these three disorder categories points to the poor diet, excess of chemical exposure, lack of social interaction and excercise, and degrading social mores in civilized nations, where the conditions are FAR more prevalent than in third world countries. This makes perfect sense, given what we know about the effects of even common, seemingly innocuous chemicals, when applied in large doses over extended periods.
Not only was I treated for ADHD as a child, and later developed bipolar disorder (or had it all along and the criteria for diagnosing it as such merely hadn't been put in place yet), but both of my brothers were also so diagnosed and treated, and, from personal experience, I must say that the medications and psych-social therapies used improved our lots in life immensely..and my parents were definately not 'crappy parents'. They loved us dearly, were deeply invested in our daily lives, and enforced a fairly rigid moral code on us, but did so with patience and understanding.
In addition, adding to the evidence, particularly the evidence of a biological link, whether innate or due to chromosomal alteration by environmental exposure, my son was also diagnosed as borderline ADHD, with an additional diagnosis of mild aspergers (a form of autism), and believe me...he is everything they say he is, despite the lengths we have gone to as his parents to NOT let him fall into 'that category'.
No, my friends, these syndromes ARE quite real...they just are not as widespread as pop culture and assembly line medicine would have you believe.