I would still keep playing LFS, even if the max resolution would be 620-pixels and with 256 colours. It would probably be better with "crappy graphics", because then there wouldn't be drifters and wreckers.
Have you forgotten the main reason of LFS: Realism? Graphics > Realism...?
PS. I still play UFO: Enemy Unknown time to time because it is the best UFO-game ever made. True, Aftermath, Aftershock and Afterlight looks better, but: PFFFFT!