From a UX standpoint, the best balance is "iconic" perspective - most things rendered flat with low occlusion, like an Egyptian painting, much of medieval art, or Japanese woodblock prints. All the boundaries can remain clearly delineated with this style, but aesthetics can be retained through careful composition of each icon.
I did exactly this style for the game I'm working on. My reference points(within video games) are Ultima 1-5, Heroes of Might and Magic, and Battle for Wesnoth. In these games you are never wondering what something is, because you can always make out what it looks like.