Why don't you make one yourself?
Oh of course, because making a decent game, with or without good graphics requires the equivalent of years of full-time work, and anyone doing so would quite reasonably expect to be paid for their efforts. Seriously though, why don't you just try making even a graphics engine, or a 5 minute tech demo, before wondering why no-one has made a whole game with good graphics, or with ANY non-ASCII graphics, and then given it away for free.
If by 'good graphics' you mean, say, professionalish for post-1998 or onwards, then that will (usually) take staff (yes before someone says AoD, VD does have a team, and he sure as hell hasn't said anything to indicate that he'll be GIVING the game away). How the hell are you going to pay the staff if you're giving the game away without charge?
I'm sorry for sounding overly obnoxious about this, but your request really is incredibly silly - again, try making a game and you'll see that. The best you can expect is a rogue-like with ASCII graphics, or simple tiles, (I suggest Dwarf Fortress or ADOM), simply because they are the only games that a single person can really hope to make as a hobby these days. There are free graphical RPGs - Dink Smallwood comes to mind - but they are very simplistic and rather short, and if Betrayal at Krondor (see below) doesn't meet your standards, then they sure as hell won't.
Betrayal at Krondor might be your best bet - it doesn't have good graphics by today's standards, but it DOES have graphics. The reason why that is leaps and bounds ahead of any other free (non-pirated) game available is that BaK was actually a commercial game that made a decent profit, but years after its release the developers decided to make it freeware in order to promote their next game - it was never originally a 'free' rpg. To say BaK is a rarity is an understatement - it's basically a once-off. People simply don't give away years of work for free, and to find an entire studio willing to do that (because making a game of that scale requires a team, not just one or two people, and that team either requires salaries - which requires profit and payment - or royalties, which means that you need to get everyone's permission before the game is given away free) is next to impossible.
Edit: of course, I should add that I was never able to get Prelude to Darkness to run on my computer. Just saw Ultima 4 above - another good game, but if Betrayal at Krondor isn't good enough graphically for you (and that is 1996 or so graphics) then that sure as hell won't be!
