I replayed Luigi's Mansion during a long flight the other day, and my wife looked over my shoulder and went "That game looks cool. Is it new?"
This is exactly why Nintendo games tend to have strong legacies. Everyone back then could see realistic graphics just on the horizon, but they weren't there yet. Nintendo knew that the play experience is the important thing, and made art and designs that work within the limitations. Luigi's Mansion, Wind Waker, Super Mario Sunshine, and Pikmin all still look and feel so good.
Interestingly Wind Waker's art style was its main detractor among critics when it was released, which is wild and incomprehensible to me now. One of my favorite games of all time.