The primary challenge of voxel engines is adapting the rendering engine to accommodate for dynamic modifications. Light maps, shadow maps, bump maps, occlusion maps, texturing, LOD geometry... whatever. All kinds of things that are traditionally statically generated, need to be regenerated on the fly or done without. Which is why minecraft went for the retro-aesthetic, there wasn't really a choice in the matter back then. We're only now starting to see full-fledged voxel engines that can support a non-retro look, but they are still a long way behind the aesthetics that can be achieved with a normal engine.
I though main reason why MC is retro is that Notch is not really an artist - he just wanted to create graphics quickly. And he brilliantly turned this into an advantage - I can't imagine MC without iconic square pigs and pixelated pickaxes.
And I found it : "Seed of Andromeda".
It was a neat little game where you essentially strand on a planet and start building your own city until you can build a rocket to leave the planet and explore the rest of the solar system. Then build a city on the moon so you can create custom spacecrafts to go even further into space.
I'll believe it when I see the profiler results. A good article none-the-less.