This question comes to mind because I recently started playing Two Worlds again on my Xbox 360. It's an open world fantasy RPG that came out a year or so after Oblivion. The graphics are pretty ugly, the voice acting is super flat (I think the Dev team did the voice work or something) and the frame rate is often choppy. The game also tends to freeze up my 360 about 1 in 3 play sessions.
The looting and progression is SOOOOO satisfying, the customization and upgrade options are diverse, crafting is cool, combat is fun, exploring is exciting and load times are short, with transition in and out of buildings requiring no load screen at all!
It does so many things right that I like, but does other things so poorly that I just have to adjust my expectations.
Although the WORST elements I have to endure to enjoy something I love would have to be the story, characters and dialogue in Shadow Hearts: From The New World, all of which make me cringe and want to tear out my eyes and jam hot pokers in my ears until I can get back to the awesome game play.