As far as gameplay goes, no. Unless it involves silly glitches that either add humor (GTAIV) or somehow improve the game (SSB: Melee) then if the game plays like crap, then its pretty bad. However, a game's writing, setting, characters, or whatever can be cheesy or campy enough to offset being shallow or just badly done if you are into that sort of thing. Though, on the flip side, I can think of a few games that weren't especially fun to play but had a compelling story/scenario that let me enjoy it. Shenmue was this way for me.
Katamari Damacy, for example. The game itself, as a ball rolling pick-stuff-up simulator, is technically competent. However, the story and setting are utterly incomprehensible and goes completely beyond the pale of just "weird". But it works, because the game is completely shameless in its refuge and manages to remain charming despite it alien-ness.
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