I remember growing up as a kid, with visuals making huge advancements from year to year, it was clear to me and my buddy's that it would be very likely in our lifetimes, that graphics would get to the point where it was like real life, and how cool we thought that would be! And now here I am, where we have gotten quite close to that point and I find myself much more attracted to some of the beautiful pixel art games that have been made recently or games that are like cartoons brought to life.
Why exactly? I think there is two main reasons for this....
1) While The models and textures have come a long way to replicate real life, I find the animations to be lacking , which makes the player models look like robotic mannequins and it gives them this 'creepy' look. Especially when they do some kind of cutscene, where the facial animations and body language are under closer scrutiny, it look so artificial... especially the eyes 'the window into the soul'...they all look souless. When you are going for an ultra realistic style anything that doesn't meet that standard is going to be in stark contrast and look out of place. Now at the completely opposite end of the spectrum you have pixel art games, that due to their ultra simplistic nature, leave a lot open to interpretation by the player, and often times your imagination paints a far better picture than the 3d modeller/animator is able to achieve.
2) You are seeing 'realistic graphics' in every day life as you go about your day, or in videos, photos and films etc... what you don't see so frequently are the wonderfully unique creations from great artists minds.... which can be a more exotic a treat to the eyes. Ultra realistic tends to have a more muted colour pallet too, with its earthy browns and greens it just looks less vibrant and dull.
I think its why I'm so often drawn to Japanese games, they don't try to imitate reality too closely with their artstyles nor do they do the same with their gameplay mechanics, there is more creative expression. Ultimately, I don't come to gaming for what can be gotten in the real world.