3d graphics may not be at the point of photorealism, but every year that passes by, it gets closer and closer. Older 3d games may look "cheesy" compared to the flashy stuff that's out now, but that doesn't mean people won't still appreciate them.
I'd say it's definate that 3d will become retro, as it's big right now. Everything retro basically has some sense of cheese to it. From music to movies to games. Sometimes I'll watch an old movie, listen to an old song, or even fire up an old miggy or console game and marvel at the fact that I actually used to be entertained by it.
When the next step in entertainment comes by, you'll probably see some community spring up shouting about how 3d is good, and the popular thing on the market is "mindless shit".