I like to look at artist statements as just another genre of writing so that I don't think of it as bullshit. I've actually got a lot of experience with them if you want to PM me, both as an applicant/recipient and as someone who's sat in on granting committees, and while theater and photography are obviously different, I'm sure there's some overlap.
All the advice so far is good, but here's a couple more cents: I also think it helps to be as clear and specific as possible, and to try and avoid any boilerplate "generic artist statement" language - i.e., like Junk says, the things that are specific to your taste, methods, passions, obsessions, etc. I've found that often things that we tend not to notice about ourselves are often the most interesting and unique. I've also found that it helps to be honest and cordial. And if there is genuinely some larger social or cultural resonance to the work, then that definitely helps. But don't fake it if there isn't.
