I can think of many older games in dire need of facelifts, but the thing is they don't need a facelift into photo-realistic territory. Just enough to bring the vision out from developers reaching just a little further than their old tech could support. I'm thinking of a lot of early 3D games. Many of the older sprite based games still hold up great.
The AAA gaming industry has gone off the rails trying to wow us with graphics and the novelty has long worn off.
This is a good example. The cartoony graphics work well for Nintendo because it fits their hardware better as well.
For my personal example I can still play Starfox64 easily, but Goldeneye (one of my favorite childhood games) literally gives me a headache to look at. Goldeneye was going for a more realistic look on the engine of the time and aged terribly. Starfox is all big bright cartoon designs.