I was going to write out my reasons, but this excellent blog post basically does it better:
http://gowers.wordpress.com/2011/04/20/is-av-better-than-fptp/
Succinctly: AV is the proportional representation I want, but it's probably our only stab at electoral reform, which we dearly need (assuming you want our Government to reflect the will of the electorate), so, whilst not perfect AV seems a step in the right direction, and is certainly a step needed before we have a truly proportional system.
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