I think PN03 is a great looking game, and no, not just because of the main character's ass, but because it's extremely stylized and nifty. However, I seem to be (nearly) alone in that regard.
i'm with you, the minimalist look once you get inside is awesome.
With Sega's years of expertise in developing it's arcade racing game titles, their work on the F-Zero AX/F-Zero GX titles are legendary. I've never had the opportunity to play the actual arcade game but to play it on the GCN is as close to playing it as it was meant to be -- 60fps & in 480p. It does have built-in support the optional Logitech GCN force-feedback endowed steering wheel accessory for a different spin of playing it opposed to using the standard GCN controller setup. ^_~
Another vote for P.N.03 being great. The stages are minimal but the lighting effects are great, possibly the greatest buttock lighting in a game prior to metal gear solid 4.
My fave GC game by a long mile, in retrospect.
The style has been done again afterwards, but this was simply soo stunning the first time I saw footage.
And it still is.
Also, I can't believe no one mentioned Super Smash Bros.:Melee!?
It's not my choice, but I could really understand people loving it for it's graphics aside of the game itself.
I can live with RE4 votes too btw, indeed still beautiful.
I always wanted to see a speedrun done in PN03 with the Papillon suit. One hit and you're dead, like a proper shmup. I'd tackle this myself if I ever got the time. Definitely a pretty game -- and now with more ass, in the Papillon.