Indeed. The plaque theory is pretty weak. AFAIK the function/cause of plaque in the brain is not understood.
The plaque theory has been pursued mostly because for a long time that was the only thing that was a visible difference between AD patients brains and non-AD patients brains at autopsy. There literally was nothing else for researchers to go on. Medical technology has made huge gains in biochemistry, imaging, genetic engineering of murine models, etc. and now research is opening up to other possibilities as well as showing that the plaque theory is very weak.
There are 376 Alzheimer's trials in the US alone either recruiting or underway according to Clinicaltrials.gov and a total of 622 trials world wide. The dam is about to break open and Anavex is going to be leading the way at least for a while.