Thanks for the compliments, it really means something coming from someone who will settle for nothing less than an eastern indigo. They're actually pretty much my dream snake too, although I'm not sure I'd want to clean up after one.
Unfortunately, due to Maine's ridiculous laws regarding what species residents can and can't keep, it isn't a (legal) option for me anyway. But I digress.... gaigeae do go through a sort of "ugly duckling" phase, but it really only lasts a few months. I think they actually look a lot like various honduran morphs... the ones that lose the white first look like bicolor hondos for a while, and the ones that lose the red bands first have a sort of anery look. In my humble opinion, bicolor hondos (and black milks in the black/red stage) look pretty cool, and the muddiest black milk isn't any uglier than an anery hondo. As far as comparing them to other black colubrids... what else is out there besides couperi... black rats, black pines, mex. black kings, black racers? I think that in terms of size, care requirements, temperament, and glossy blackness, an adult black milk would compare favorably to any of those species. Then again, being a Lampropeltis enthusiast, I'm obviously biased. 
Nate