When you think about it, it goes both ways. There are extremely famous one hit wonders that everyone and their dog knows (Kung Fu Fighting or Macarana for example) but most of them fade from memory. There are also bands that have been making music for decades but remain relatively unknown outside of their hardcore fan base. As for who is looked at more "fondly" I would have to say it depends on how respected the artists work is, one hit wonder or not.