I think everyone loved Star Wars as a kid. Everyone's seen it, knows the lines, knows the characters, etc...
That's the same feeling that a lot of people, including myself, probably had when they played KOTOR for the first time. I mean, like you said, it wasn't the most imaginative thing there on the market, but it was something of a connection to the past, going back to what made the SW trilogies (the originals, mind you) good. I wanted to go back to the Luke days and have fun characters like Leia, the sassy girl, and Han, the streetwise scoundrel. K1 and K2 are a blending of the old to create something new that's just as fun as watching the movies. Excluding the fact that K2 sort of darkens the plot line a bit more at the end.
But they were enjoyable all around. And I definitely go back and play them differently from when I played them the previous time. It's always something new and just a nice little reminder when I go and have another go around with the game.