WoW doesn't have bad graphics
At the "ultra" graphics setting, my computer didn't even hiccup and the game still looked like I was running an N64 emulator. I understand WoW's art theme, but it sure as hell isn't that detailed. Having different visual models for different art isn't part of graphical capability, and rendering many clients without lagging is part of optimization, not graphics.
I guess people just don't care about the graphics, and that's fine, but I honestly think it looks absolutely horrid.