I'm not a big fan of the "3E look," having all the usual complaints (dungeonpunk, spikes, straps/leather/buckles, anime, piercings, big ass weird weapons [serrations, holes, etc], etc.) It's not that I object to those elements, but they're often done in an over-the-top/too-much manner, IMO. I also don't like the "static pose/pin-up" tendency that became common in 3E art (although that seems to be less of a problem than it used to be). I really can't stand the "fake book cover" thing; I'd take a Traveller-style "black book" approach over that, but what I really want to see is some cool fantasy art.
I do think 3E art usually displays superior techincal skill/technique. There's no doubt that the artists are skilled (e.g. Wayne Reynolds), I just am not always on-board with the style/choices. There are some pieces I like very much, but they're not as common as I would like. I guess you could say I have mixed feelings about the 3E art, but more negative than positive.
Heck, you could say that about any of the editions, I guess. 2E art was hit-or-miss, too. Some of the cover art was excellent. The interior art of the 2E books (the blue stuff) was poor, IMO. There were a few elements of 2E art that eventually started grating on me, too. For example, there's "that woman" that was in every other painting (Elmore's?). There were those chunky, rounded gems on everyones' weapons and armor (and furniture). In general, though, I prefer the style of 2E art to 3E art. I really liked the black-and-white handout art in
Return to the Tomb of Horrors.
1E art I find it impossible to be objective about. Much of it is technically inferior, but I find it very evocative. I love the original PH and DMG covers, for example (a love which does not extend to the MM or FF covers). I love some of the black-and-white scenes in the rulebooks (e.g. Paladin in Hell, Emirikol the Chaotic, the magic mouth/stairs scene, the skeleton about to backstab that guy in the water-filled room, et cetera). I admit nostalgia plays a part. However, I think I'd find new art done in that style to be a draw, even today. I really like Jim Holloway's work (both black-and-white and color). He's been doing some nice stuff for new products, too (
example). At the time, I wasn't real into Erol Otus, but his style grew on me.
On the Classic D&D side of things, I like a lot of the interior art in the B/X books. I like the covers of the BECM boxed sets, but wish they'd used more artists for the interior work, rather than going for that unified look. I like the cover art of the RC, but dislike most of the interior art. I tend to like Sutherland's illustrations. Most of the OD&D art is amateurish and unimpressive (not much of an art budget, back then).