I know this will bring a lot of answers like,
"I've never find good code before I step in" and variations.
I think the real problem there is not that there isn't good coders or excellent projects out there, is that there's an excess of NIH syndrome and the fact that no body likes code from others. The latter is just because you have to make an intellectual effort to understand it, a much bigger effort than you need to understand you own code so that you dislike it (it's making you think and work after all).
Personally I can remember (as everyone I guess) some cases of really bad code but also I remember some pretty well documented, elegant code.
Currently, the project that most impressed me was a very potent, Dynamic Workflow Engine, not only by the simplicity but also for the way it is coded. I can remember some very clever snippets here and there, as well as a beautiful metaprogramming library based on a full IDL developed by some friends of mine (Aspl.es)