Presence is a tough one. "Achilles Last Stand" is great, and I've always admired how they can keep up that driving, frantic pace for ten minutes, but after all these years, I'm finally starting to find it a bit repetitive, a bit overlong.
As others have said, the rest of the album is harder to get into. It has a very "dark" feel to it. I've always thought that that was by design. "The Object" which is the focal point of all the pictures, seems to represent the presence of darkness in our everyday lives. All these happy pictures of people, and "The Object" -- literally dark and twisted -- is just... there.
"For Your Life", "Nobody's Fault But Mine" and "Tea For One" are all oppressive, like Zep let their dark, brooding side take over and maybe gain a bit too much power. The lighter songs, "Royal Orleans", "Candy Store Rock" and "Hots on for Nowhere" break things up, but overall don't seem to quite do enough to alleviate the feel of the album.
Led Zeppelin have some great songs that are heavy and dark, but Presence is what happens when you get too much of one kind of music on the same album. I'm sure it resonates with some people, but it's always been one of my least favorites from their catalogue. By time I got to it, my life was starting to look a bit less bleak, and Presence made me feel like maybe I was outgrowing Led Zeppelin, or something. I wasn't; I just wasn't in a mental frame to appreciate the album, and really haven't been since.