No. I recently replayed KOTOR, an even though it's still a really good game, the story and characters aren't as impressive when held up to the standards now set by games like Red Dead: Redemption, Mass Effect and Dragon Age or Heavy Rain. The character interaction is also a bit... cryptic. It's very possible to miss out entirely on certain character interactions, if they're not with you at the exactly correct place and time(This is even more true in Sith Lords, though I think it's the superior of the two, upon revisiting(It's depressing as all fuck and doesn't resolve a damn thing though)).
That, coupled with the constant Fuck-around-until-the-plot-shows-back-up segments that are often still present in RPG's, repetitive environments and enemies dragged through lengthy fucking dungeon crawls make me thankful for Mass Effect 2's "Wham, Bam, thank you ma'em" approach to quests.
There are also numerous smaller design and balancing issues that seem obvious and silly in this day and age.
KOTOR II holds up a bit better, but it makes up for it's depth with it's god awful habit of never fucking resolving things. Most of the relationships in the game feel both played out and unfinished. I was only half way through the game and I felt like I had gotten everything I could out of my companions, and yet I still feel like there were things left unsaid.
I think that games(The good ones) have gotten better in relation to the expectations of players, it's just that, thanks to games like KOTOR, we expect things like intriguingly design and emotional depth in our RPG's. We forget how rare those things are, not just among games but in films and books as well.
These games will always hold an untouchable place in our hearts, they're remnants of Christmastime mornings awoken in anticipation culminating in surprise of the new Star Wars game that "Santa" left you. A time when the world held more mystery and magic, when the prospect of the 10 years you had before you were shipped off to college to become another cog in the machine was a distant thought at the edge of your mind, you were elsewhere, finding the last of the Jedi!, what awaits Frodo at Mt. Doom?, how will Harry survive the Chamber of Secrets?. These thoughts still echo, remind us of the mysteries long since answered, and how much more fulfilling they were when we didn't know the answers.
Nothing will ever be able walk on the grounds those things did, for what we remember isn't the games, but the waking moments at the dawn of life, when the world had so much to offer, and we so much time to explore it.
But now we see the bigger picture, KOTOR is a collection of 1's and 0's, Santa Clause is a fairytale and Spider-Man is a comic book, and you have to get up for work tomorrow but you've spent your night replaying a game you finished seven years ago!.
The nostalgia shades will never come off, we need those moments to remind us who we are,and if we can imagine that the world really was brighter back then, that quality control was consistent and that Santa was real, all the better!