Yep, absolutely. Last month I played the first Red Dead Redemption... on PS3. The worst version of the two, can't remember what the resolution is... but anyway, thanks to the art design of the game, regardless of low resolution I still think it looks great. Same goes for Yakuza 3 too which I played either earlier this year or late last year, can't remember lol, but either way it still looked great to me, especially the main character models and in cutscenes.
Then again resolution and graphics have always been on the lower end of priority for me when it comes to enjoying games.