I thought there was some suggestion that poking needles into people had some more effect than not poking needles into people. It is that it doesn't matter that much where you put the needle.
I think that's where a little communication disconnect happens...some people are considering "placebo" to mean "sugar pill" where others are taking it to mean "sham acupuncture" (sheathed toothpicks tapped on the skin, so the patient doesn't know it didn't pierce the skin), and still others think it means "puncturing the skin with needles in random places, not trying to follow 'Qi meridians'".
When I say it, I mean mostly the latter, or the second one. The effect on people who think their skin has been pierced is similar enough to those who actually were punctured to cast doubt on there being anything more than a placebo effect. Likewise, the effect on people who've had needles stuck in them is relatively similar, regardless of where the needles are stuck, indicating that, again, it's likely a psychological response to the stimulus, and not a direct result of the needle piercing a meridian.
FWIW,
The Cochrane Collaboration have some interesting reviews regarding acupuncture. Here are two links with rather positive outcomes.
Also this.
Now, I'm not a doctor, so I'm not sure if I read these right, but they state that, at least for these ailments, acupuncture (be it 'real' or sham) is far from useless, right? And Cochrane's fairly highly regarded for it's reviews, right?
What I think is the telling statement there is this:
There is no evidence for an effect of 'true' acupuncture over sham interventions, though this is difficult to interpret, as exact point location could be of limited importance.
Essentially, the act of poking the patient with a needle is what prompts the response, presumably also because you've told them that they're being poked in order to make them feel better...so, not surprisingly, they do. Which means that it's a placebo effect, just a strong one. It may have a practical application, but saying that acupuncture works just because of this, is misleading.
Alternately, this could be a form of the trigger point theory, which would also have a practical application, yet still in no way prove the Ancient Chinese Medicine theory of Qi and meridians and such.