I wouldn't say it's "ugly" when compared to the vast majority of mens dress shoes. The thing that bugs me with the 5th ave. and most AEs are how long the vamp is. It's like a long turned up nose on an otherwise beautiful girl.
Since this is the AE appreciation thread, I will say I appreciate the Macneil and Kenwood. Both of which definitely look like what an "old uncle or grandfather would wear".