It's always at the forefront of my brain that these people (usually) don't exist, and even if they did, these things didn't happen to the exact guys and gals we're looking at. I never don't know it's fake. That runs on a parallel track to "OMG, the worldbuilding in this is so lavish and detailed!" and "it's the hobbit moment again-I'm gonna cry...just like in all those other movies."
Stories move me. Stories with in camera effects don't move me more than stories with CGI or vice versa. Stories with good writing and acting and seamless effects move me more than others.
The clip of After Earth they showed on Graham Norton looked really bad. Will Smith sounded awkward and fake, and Jaden looked uncomfortable in ways not related to the freakout the plot should have been giving him (maybe they skipped the bit where he got sand in his skinsuit).
The HBO bit on Now You See Them actually did suffer from FX know how--I think movies have to be clever about how much they stress magic. If David Copperfield can't do it and you're setting it in the here and now, how impressed can I be with your characters? Hell, I'm barely even impressed by David Copperfield.
The actors all seemed smug as fuck too, which didn't help.