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Al C.risafulliT206 has a very solid theory on cards in the lower grades. There's a LOT of latitude because the grades are so technical. A card can have a minty-looking front but paper loss on the back, and grade a 2. It can also be creased up, with round corners and grade a 2. That's where the differences in eye appeal come into play, and also where collecting lower-grade, graded cards can be a ton of fun. Because you can still set a budget and build a low-grade set that is beautiful in terms of eye appeal.
When you get up into the higher registers, there is less room for argument. An 8 is an 8, and a single flaw can take it down to a 7. But there's way more leeway in the lower grades.
Case in point, not to hijack, but here's my T205 Eddie Collins. This is a tough card, and I bought it in a PSA 1 or 2 holder (can't remember which) and crossed it to SGC to blend with the rest of my set. It looks fantastic - an easy 6 - but for the paper loss on the back. In the case of this card, I was happy to own it because it's beautiful.
This is, in my opinion, one of those areas where grading can be truly helpful. It would have been very easy to buy your Cobb raw and have it described as VG-EX or even EX. However, if there truly is a flaw in it that would bring it down to such a low grade, then the slab helps you to identify the card as one with a technical flaw that might not otherwise be described. That enables you to buy an accurately described card, but make a value judgement based on the eye appeal. It would be a pleasure to own that Cobb, regardless of the holder.
-Al
Edited for clarity