Dont get me wrong, I love SA/CA cichlids, But flowerhorn suit what I look for in a fish. Most hybrids look terrible, I agree. I dont like the decline of pure species either, for example: the Midevil and Carpintis.
People took decades of breeding desirable traits to create a fish that is a piece of art. There is definatly a place in the hobby for desirable hybrids because the are so "different".