It's funny that nobody here stopped playing this game because they considered the first renders were bad. Everybody continued the story to the point of meet the new renders renders quality, which take a lot more time to make.
So, the question is:
Do you would have preferred stay with the old renders quality and have the double amount of content by now? Or have the new renders quality despite of the slow development?
Let's first evaluate the premise of your question for a moment. If you did a side-by-side from release one or two and compared them to the last two releases the change in quality is fairly obvious, and the later renders are really amazing quality. That said, I'm pretty sure if we had taken a poll after the first few releases the percent who thought those renders were bad would have been pretty small. Not too many early posts were about how this game was an amateurish endeavor or the renders were poor.
If L&P had stuck to the original process/technique and we were getting the same quality as day one in every subsequent release then no one is the wiser. If we're being honest and simply considering what would have been, we'd all want more content by now.
I think the real question, or at least a better question, is, if a picture is worth a thousand words then why does L&P need so many pictures and so many words?
My opinion at this point is that it is not the quality of the images or even the complexity of the scenes that is a major problem - they are gorgeous. The problem is we are getting so many more images covering so much less of the story.