I actually prefer the old episodes graphics and animations though. The fight between Zabuza and Kakashi (one of the first fights in the series) was very good.
By the time that the biggest battle between Sasuke and Naruto came up, the producers kinda screwed it up. For me it was a big disappointment.
Shipuuden however got alot better then that big fight. I thought it look good but different until recent episodes. Looks like each scene is drawn by different people. I don't really know what's going on. But nonetheless I still love the series, and atm I really don't care how good or shitty it looks. As long if it looks better then the Sasuke vs. Naruto fight.
I really love Naruto <3, whether he's drawn ugly or smexy *rawr*.