I am new to LoL I have played over 12,000 hours of HoN and DOTA 2 but mainly HoN.
I will say that the skins do have an amazing amount of work put into them but I prefer Legendary skins they are of better quality in general and I am happy to spend the extra $5 and I think Riot needs to start considering making more legendary skins.
Upon trying LoL for the first time it was a downgrade for me in the graphics department as you all know, but art in the map is beautiful and the new skins have been improving in terms of graphics. It was a hard transition for me to accept the much much lower quality graphics in this game however Riot appears to be putting in extra effort into the skins to try and balance it off.
I hope they consider upgrading the Engine in this game at some point.