I've been an annuity "guru" in my past, and they are definitely oversold. The bells and whistles usually aren't worth the price.
There are a small, small number of investors who can benefit from the variable annuity protections, and for them the extra expense is worth it. For most others, forget it.
And don't get me started about Equity Indexed Annuities. Biggest crock of crap I've ever seen.