As someone who actually plays SMITE, I can say that their Golden/Legendary/Diamond (mastery) skins are getting a lot better. They're also in the process of converting all the old-style mastery skins (the ones with shiny skin/hair) into the new style mastery skins that have normal colored skin/hair. So a lot more people are getting those (and those skins are more about the bragging rights that come with Mastery Lvl 10 then looks). Also, the amount of new skins they come out with each new patch is getting a tad ridiculous...
Also, given that you're a lot closer to your character then in isometric games (SMITE plays like a 3rd-person shooter) the details on even re-colors aren't lost on you or on other players.
On a side note, the degree and cost of skins aren't random. They follow the following tier list:
Tier 1: Recolors and Mastery skins
Tier 2: Slight model modifications of default skins
Tier 3: Different theme then the original skin, often have custom voice packs and new skill graphics
Tier 4: Different theme then the original skin, always have custom voice packs and always have different skill graphics
With Tier 1 skins costing currency you earn by playing the game, and the other Tiers costing currency you pay for (or by the log-in rewards...)
Realistically, an average skin set for gods looks something like this: