That's not a "huge" amount of motion but I just went out and looked at mine at idle and mine essentially doesn't move at all.
There are 3 "clutched" things involved with the serp belt. Try this:
1. pull relay R36 in the power distribution center (black rectangular box in front of battery - it's a bit finicky to open/close) to disable viscous heater. Does twitch go away? If not replace relay.
2. turn your AC vent control knob (center one) to "O" to disable the AC compressor. Does the twitch go away? If not put control knob back where it was.
If neither of the above make the twitch go away check the alternator decoupler per the video dirtmover posted or just pop the plastic cover and see if there is a fair amount of red dust.
If the alternator clutch is bad you can just replace the clutch. See
http://idparts.com/catalog/index.php?cPath=123_129 . Removal can be somewhat difficult; see
viewtopic.php?f=5&t=75841&p=796353&hilit=alternator#p796353 for a DIY tool or you can get the Lisle LS57650 tool kit for about $30-35 for a parts store or idparts. Alternatively you might be able to score a lifetime warranty replacement alternator with pulley for ca. $150 at AutoZone or some such.
The dance can be bad as it will eventually destroy the tensioner and there has been one report where a jammed serp belt caused an engine to jump time.
Why they did not notice I have no clue.