I pretty much skipped this whole thread, which is likely what most everyone else has done.
I tend to enjoy power metal from Europe simply because I like the energy and the catchy melodies. Bands like Blind Guardian, Nocturnal Rites, Hammerfall, Sonata Arctica, they all provide me what I enjoy best in music.
I can't stand metal in America because it has ditched what made it great. In the 70's and 80's, there was a lot of focus on energy and melody, and bands wrote about interesting topics. Megadeth was very political, Metallica had songs based on H.P. Lovecraft, Iron Maiden was nothing BUT geek topics, Anthrax wrote about being in a nut house, etc. Somewhere along the lines everyone started singing about what everyone else sung about: high school. Only now it was all "oh woe is me!". They tend to scream and growl, there is a complete absence to the sound as if something is missing, and the energy is gone.
The unfortunate side of power metal is that, despite the potential to expand, most bands have this focus on "BE METAL!", and while I love to have fun, throw the horns and say "FUCK YEAH METAL!", it also pulls the genres down. I can only imagine what would happen if these metal bands decided to listen to classic rock like Yes, Kansas, Foreigner, Foghat, Boston and Chicago and pulled their own styles. Hell, even Disney songs done in a power metal style [http://www.youtube.com/watch?v=wj2QR0XuoLQ] create a new kind of sound.
Aside from bands like Yes and Kansas and Styx, though, I can't get into much non-power metal bands. I dunno why, but even if it's some kind of dance-club-tune that I enjoy I find myself thinking "Man, this would be really bad ass with some guitars..."