I know what you're saying, but "appealing" and "eye catching" effects are generally mutually exclusive (to the user that isn't interested in the ads, but the content...).
One of the other purposes of Advertisements are also to create impressions and Branding. You don't have to necessarily click every ad. :)
And with such visual tools ad making is very easy and reachable to all. A great project by Google. Kudos. With Visual tools like this we can interact with more depth. And lets not forget this is free too.
They might bring better ad-making experience overtime with built in ad-templates. All this will bring more Appealing ads.
And Eye catching ads serve as — Branding and Brand-remembering for Publishers, users notice them and remember(clicks not important in Branding)