I don't think ILM ever debated that it was a good-looking ship model, just that it was unwieldy as shit and generally difficult to film. I remember reading somewhere that they were elated that they blew up the E in TSFS, hoping that later films would use a repainted Excelsior, and then being pissed off when they found out they would still have to film it as the E-A at the end of TVH.
I'm still kind of irked that they removed the original pearlescent finish, but I understand that it was something that needed to be done with the blue screen reflections screwing up the compositing process.
But I agree that she's a gorgeous ship to look at - not a single bad angle on it (can't really say the same for many others that came after) - second only to the TOS Battlestar Galactica, IMO.