Oh yeah. KOTOR1 was my first rpg. It is a legend in my book. KOTOR2 was a big disappointment storywise though. They cut so many corners.
Bioware took KOTOR, stuck it on steroids, and created their own story, and resulted in Mass Effect.
I would not recommend Mass Effect 2 unless you have already played Mass Effect 1. It is just so much easier to really appreciate 2 if you have the connection in 1. Plus the uniqueness of the series is continuing your own character from game to game. Decisions you made in 1 impact what happens in 2, and what will happen in 3.
The graphics in 1 were amazing and 2 was even better. The games are just the smoothest, quality, near flawless I have ever played. Definitely worth the money for both, imo. ME2 is worth the money new because you get the license to all the downloadable content, which Bioware has worked hard to keep coming and bridge the gap into ME3. The voice acting in both is AMAZING and they have a unique speech system. Overall you have the feeling of being in a movie that happens to be a game, and you're part of a larger, epic story.