I personally do not mind any of the effects that have been complained about here, they usually add a bit of visual flair to set a game apart from others. Though in multiplayer they can occaisionally be irritating. I have to agree a little about the motion blur, but only because its fairly extreme in most cases. It surely looks cool sometimes, but in the turn-your-head case in games it would probably be better to just slightly decrease focus instead, maybe only add in a tiny bit of blur, or at least keep it at the edges of the screen. We don't get really get motion blur like we see in games when we turn our heads quickly IRL, but we do lose some focus. However I think this would be difficult to implement properly ingame without irritating some people just like motion blur does. Anyways, the settings files almost always allow you to turn on/off any special effect or even tune down or make more extreme than the default.
I had forgotten about poor implementation of 3D sound positioning. Can't think of any examples right now, but every time it comes up I sit there and play with it for a minute, listening to the sound switch completely back and forth between two speakers.
Realism, or attempted realism, can be really cool. But I think its usually better to have intentionally unrealistic aspects and good overall art direction.