I've seen Aerosmith live, and they totally kill it. I've been a fan since the 70's (Get Your Wings, Toys in the Attic, Rocks, etc.) so none of what happened in the 80's or beyond really matters that much to me. They made cheesy videos, they sold out, whatever. They rock hard, they bring the swagger and lust, they are an American Band. Like Deep Purple, they're one of my go-to bands when I want some good old-fashioned Rock and Roll, non-Prog.
All that said, I still can't put them in the same league as some of the top British bands, who somehow still take it to the next level. I can't even think of anything specific that defines what I've just said; there's just this "feeling" that they're "just an American band".