To call something elegant is a wonderful compliment. It conveys something deep about that object. It implies that people had thought deeply about that object, what it should look like and how it should function.
Elegance doesn’t happen by chance, and it’s hard to describe what makes something elegant, but once you see it, you recognize it immediately.
Buckminster Fuller said, "When I am working on a problem I never think about beauty. I only think about how to solve the problem. But when I have finished, if the solution is not beautiful, I know it is wrong." (More on Buckminster Fuller on Wikipedia.)