it really is a matter of what you consider good graphically
i personally enjoy it when the graphics manage to look as close to as they would in reality as possible (bumpmaps, reflections, water improvements, etc.) to an extent i previously believed not reachable easily
the issue with this of course is that the initial "WWWWAOW" can distract too much from the actual game, and once it wears off, it's like "ehh. w/e. how can it be even better"
honestly though, vanilla skyrim is pretty good-looking. not the paradigm of graphics in games, but it's pretty gosh darn good.