Sounds like our situation (all the way down to getting one as a gift and buying 2 with allowance )DD has a few AG dolls (one was a gift and she saved up her allowance for the other two). They are overpriced. I wouldn't buy her one myself, but if she wants to spend her money on them or if her aunts and uncles want to go in together and get her one, I won't stop them. From a parent perspective, I like the following:
1) The stories show the girls with traits that I like. That said, you can get all the books at the library - no dolls needed!
2) The dolls really are good quality. If they are going to get played with at all, these hold up much better than a knock off doll.
3) The accessories are really kind of too cute for words. I'm embarrassed to admit that, but there ya go! The range of things available is amazing. For example, DD loves the kit that comes with casts and crutches, she has the wheel chair, etc. They have a nice variety of things available, from just cute outfits (which I don't really care about) to sports stuff, musical instruments, school things, etc. DD can look at the catalog and see things that she feels represent her (clever marketing, for sure!). They even have food allergy stuff now.
4) They are modest. I'm not a huge prude, but I do like that everything is age appropriate and not all Barbie-fied
Again, I do think they are overpriced and have not and will not buy a doll, but I don't mind paying $32 for an accessory kit for birthday or Christmas.
If your kid isn't into dolls, I would absolutely NOT get one.