Definitely the process for me too. I think for me it's because I am not a crafty person at all.
Drawing is like torture, I hate sewing and I enjoy cooking... sometimes. But for some reason, knitting speaks to me. The idea of shaping your fabric while you make it is just fascinating! There is enough complexity in understanding a pattern or a new technique, but there is also the "zen" aspect of the repetitive movements. So as far as the finished product is concerned... I don't really care that much.
Of course the satisfaction is higher if the result looks good. But because I am not a crafty person, I do not always know if it looks good or not. :D I can not sit back and look at what I did objectively and say "this looks good". What I see is the effort, the time spent on the project, the choice of yarn I made, the mistakes and the new techniques I learned! This is why I am a bit reluctant to wear what I made, I'm afraid it might look HIDEOUS! And this is also why I hesitate to knit gifts for my friends! :rofling: