Picture registration is far and away one of the essential qualities of whether a card is desirable or not.
Naturally, if there is perfect focused print registration, along with other major problems like severe creasing, stains, rips, writing, print defects, etc., those will ruin a card's beauty.
However, collectors must always keep in mind that these are picture cards first and foremost. Some guys go nuts if the centering is off, or the card was cut with a diamond-cut, or if there is "loving" corner wear. Be that as it may, it is picture registration with the correct amount of rich color that makes a card really stand out and be admired. I recall buying a 1933 Goudey Dick Bartell. I do not remember what the centering was like; all that struck me every time I looked at it was its crisp picture and vivid colors. At one time I owned two 1969 Topps Mickey Mantles; got them both in gum packs. I eventually sold the one with better centering, but which also had the dreaded snow effect, and slightly poorer registration.
When it comes right down to it, most cards made before 1981 that the manufacturer got right---perfect picture quality, centered, perfect cut, lack of print spots, were virtual anomalies. An anomaly is a deviation from the common variety. Before the card companies got their act together, and really hunkered down on quality (all to help compete against each other for the affection of picky collectors, which was why they dropped using gum and wax-coated pack wrappers), most every card had one or two little problems.
Hey, card manufacturers were not the United States MINT that produced our coins, or the Bureau of Engraving that does our stamps and paper money! Cards were chiefly cheap boys' toys used to help sell more of SOME OTHER PRODUCT. During the course of its history, Topps used cardboard that varied in quality from year to year. The 1952s were high quality. I have read that the 1953s will tone after a number of years, which is why it was vital for the 1953 Topps (and especially the 1953 Bowmans for that matter) that were brought to the hobby via finds in the 1980s and 1990s, to get them graded. Grading would do two things--the card would be authenticated and graded, and second, the card would now be in an environment that would allow it to retain its mint, pack-fresh look that makes such an older card like that stand out. Granted, the card must still be housed in central air and so on, as well as kept out of direct sunlight.
Thus, when you have a vintage card, especially prior to 1972, where everything seems to be right, perhaps now you will understand why they fetch such high prices.
However, back to the original discussion of registration, if you have everything right EXCEPT picture registration, you might as well have nothing right.
-Brian Powell