The infinty engine games had something I still miss today, which is great immersion. Huge effort was put into art and character depth (mainly thinking of BG saga and Torment). You didn't just loot a +3 greatsword, you had to go through an awesome quest for Lilarcor, the sentient sword. Items and quest actually felt like part of an epic adventure.
Also, going 3D actually sacrificed a lot of that, since hardware at the time couldn't come close to creating a believable world. Neverwinter was a nice game, but lacked hugely if compared to its predecessors. I think maybe Skyrim has come close to the artistic level we had back then, and that took a lot of time.