Believe it or not I'd be inclined to say that about quite a few older films. What gets me about the 1933 King Kong isn't the f/x limitations, but rather the ideas behind them, what they were trying to convey. Ditto with something like Forbidden Planet and the 1968 Planet Of The Apes. Then you get to 2001 which effectively says, "screw cgi---lookee what we can do."
I think the special effects in those movies are way, way cooler than the overdone CGI we have these days in movies like "Gi Joe: The Rise of Cobra"
and "Star Wars Episode III - Revenge of the Sith"
. When I watch special effects in newer movies like those, I just feel like I'm looking at a computer game.
With those older flicks, the animation and handcrafted puppets/props and screen work may not have been photo realistic, but they had an otherworldly quality that made them mesmerizing and charming. Another good example is the Ray Harryhausen stop motion stuff which was just brilliantly surreal.
I have a lot more appreciation for creatures and surroundings rendered through camera tricks and meticulous puppeteer work than some of the slick, modern computer generated stuff. I get bored when everything I'm looking at just looks like state-of-the-art computer graphics. They may look 'fake', but the made-up creatures and surroundings in movies like the 30s Kong and 2001 sure feel a lot more real and have a physicality that overblown CGI creations can't come close to matching.