There are a few keys to making this good, I think:
1. Use soft bread, not your hearty, homemade wheat bread. I use commercial potato bread.
2. Use a strongly flavored jam - I use strawberry freezer jam.
3. Flavor your egg and milk mixture with a pinch of salt, nutmeg, cinnamon, and a splash of vanilla.
It is rare that I want a peanut butter and jelly sandwich for a meal as I prefer more savory sandwiches, but I purposely looked for bread on sale to make this! I found potato bread for $1.33 a loaf at a local store this week and stocked up.
If we get tired of this French toast, there's always the oven version.