I agree with the idea that timelessness (or, at least, substantial longevity) is a good measure of whether or not something is an "overall" masterpiece. I think this is a good measure because it filters out the effect of hype. Hype can make something insanely popular for awhile, but I think it suggests a certain level of good quality for people to still care about a show long after the hype has died down.
That being said, I see relentlessflame's point. If somebody wanted to point to an anime as simply a "masterpiece of animation" (i.e. a visual masterpiece), I wouldn't necessarily object to that, even if it's brand new and/or has major flaws when it comes to things like storytelling, or character depth.
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