Special Effects are practical: makeup, pyro, animatronics.
Visual Effects are what we think of as "CGI" which can include all sorts of 3D, 2 1/2 D and 2D imagery.
Ok, now that that's settled: I work in the industry. I have a rather VFX heavy film I spent the last year of my life on opening this weekend, in fact.
I miss practical sets. I miss DP's that can light worth a shit. I miss having somewhat original scripts (hell, I'll take a script that *wasn't* cobbled together from marketing research for a franchise/reboot) to work on. Most everyone in the biz are huge fans of Guillermo del Toro who has been championing a hybrid approach: CG augmentation of as much real stuff as possible.
That said... the best effects are invisible, or you're so engrossed in the story that you don't notice them. With the exception of films that are supposed to be stylized/fantastical/unreal, if you notice that you're watching an effect, I haven't done my job properly.
I'm tolerant of bad CG as long as there's a decent story. If you don't have a decent story or a somewhat original idea, you're wasting my time as a filmgoer.