Are you talking about the first or the second one?
Doesn't seem as if the OP knows...;)
The first one is really bad if you expect a rpg with a good story! The first time I played it, I stopped to do so after a few hours because of this. I started the second time some years after this first try and still kept playing it. The story part was still bad, but after a while it was kind of fun to keep improving my char, playing around with some skills and try to get godlike (I was playing as warrior with some magic). If someone likes this, then this game is the right one, if someone likes a good story, so this is truly not a good game.
A console is generally a terrible platform for an RPG--even one like the first TW, imo. I'd have traded the 360 for the pack of cigarettes and kept the game, but that's just me.. Both these games are meant for PCs--the console is far too limited--controller is bad for this type of game, and the gpu/graphics support in the 360 is abysmal. As you say, TW1 actually looks pretty decent when run at resolutions the 360 cannot obtain.
Also you mentioned, that the graphics are bad. I never played it on a console (why should I even do something such stupid!?) but on the PC even the first one looks good (settings on high), not great, but still better than games with such a big and open world on the XBox 360 ever could do. I can understand that you dislike this game (there are many reasons especially for the first one) but that the graphics are bad is just a lie if you consider, that we are talking about the PC version, because GoG only sells the PC version and not the version for crapboxes...
What was bad were other stuffs like animations, but this seems to be fixed in the second part. Because of the heavy usage of physic in the game, the animations even look really great. I took for example a barrel and throw it into the water, then I moved to the barrel and tried to get on it. In most games you just warp onto it and stand on an invisible ground above the barrel, not so here. My hero kneed with one of his legs on the barrel and had the second one in the water. This looked really cool, especially because you usually dont see such stuff in many computer games, except in story telling sequences, but usually not ingame while playing.
TW1 with the 1.7(?) patch is more than playable and at nice high resolutions definitely looks decent. TW2 has a far more engrossing story, far better graphics, and is like an entirely different game--highly engrossing and original, I thought.
The sad thing (for console owners) is that many games that look great and play well on a PC look bad and play worse on a console. Most console ports to PCs are less than appealing to PC players because they expect a lot more--console owners expect, and get, a lot less, most of the time.