From a technical standpoint Xenoblade had some pretty bad graphics but it made up for it with superb art direction.
Minecraft has some really bad graphics but for some reason I prefer them that way. I've tried mods enabling high resolution textures and water shaders but it doesn't take more than half an hour or so before I switch back.
The graphics in Mount & Blade are really bad and extremely bland but I have too much fun with it to care.