"Availability Zones are distinct locations that are engineered to be insulated from failures in other Availability Zones and provide inexpensive, low latency network connectivity to other Availability Zones in the same Region. By launching instances in separate Availability Zones, you can protect your applications from failure of a single location."
That's the spec that everyone was building to, but that isn't what is happening. Of course you're right, multiple AZs can fail at the same time, but I read the above as saying that they should fail independently/coincidentally (until the entire Region fails).