Chromatic aberration is an optical aberration, something that doesn't exist in real life.
You can subjectively like the "oh, it's like in movies!" effect but it clearly and objectively destroys image quality by replacing some colours with others, adding fuzziness to an otherwise clean image.
I think ZombiU is the first game where I noticed chromatic aberration. If you guys look at the beginning of this topic, you'll find some screenshots. Great game with very nice atmosphere. It's also the only game where I think the chromatic aberration and the dust lens effect or whatever it's called work very well.