Indeed, if two works are pretty much equal in realism(say, most of Bouguereau's works) then the actual subject/'content' becomes important(I prefer Bouguereau's paintings of little girls). I guess it's sort of the opposite for me when it comes to the Japanese style, the content is what's most important. Even so-so looking images of impossibly cute girls are 9/10 for me.
I've an obsession with Shana-tan and the animation is probably so-so, the art style is far from realistic but that pic of her eating a giant melon pan and turning around is among my favorites in all the world. It's always a balance of art and subject and while I think the art isn't amazing by any means the subject is(to me).
On your closing points, I realise that they don't mean for it to be anything more than entertainment and a product. Still, I think the animators themselves(not necessarily the production company) likely think of their work as a fine 'art', an incredible feat, accomplishment, etc. I certainly think of it that way even though the way I write probably makes it sound like I 'look down' on it. I probably build it up to be more than it is out of desire for fictional characters(read: lolis) as I'd imagine a lot of people do.
Hmm, I did it again.... I don't know why I write so much and in such a confusing way, I'll try to work on my writing/English.