I think part of the appeal is that you get to see cool songs that aren't typically played live.
I think for a lot of the hardcore fans, it comes down to this.
It seems fairly certain IM will never play Lord of Light again, but I got to see it and remember enjoying it. I think that's fairly cool even if the song is not something I would be requesting to see live at an Iron Maiden concert.
But I also think you are right that it comes down to the album and the presentation of it. I thought the presentation of TA was actually pretty cool, just that the show itself was kind of dull. It didn't make for the greatest concert in the end. But I&W was fantastic IMO, and it had none of the cool presentation aspects like TA had, but it's just such a good album that it didn't matter.
When the Offspring performed the entire Smash album, I mostly thought it was cool but didn't like how they changed it so the hit song was played at the end, not middle, of the album. It just didn't make sense since they played another 5 or so hit songs after the full album, the could have kept the song in place and it would have worked out better IMO.
Epica skipped one song on their 10th anniversary tour of Design Your Universe. Seemed really odd to leave 1 song out, at that point, might as well not make it a point to play just about the entire thing, and I say this as someone who thinks that song is the worst on the album too. It just feels odd if you are going to skip a track.
My point being, there's lots of good and bad ways of doing this. If IM truly do all of Senjutsu, I think Bruce is going to need to work some theatricals into the show as those songs will not keep the average IM engaged just like it didn't during the AMOLAD tour.