One is overwhelming technical debt. Code where the project manager didn't believe in encapsulation, or refactoring, or none of that "architectural nonsense", and was only fired 5 years too late. Code that is difficult to understand, maintain, test, debug, change. Code that follows you home after-hours and on the week-ends. Code that nurses you to bed at night, shows up in your dreams, and wakes you up in the morning. Code that has made many a colleague look for employment elsewhere and new hires give up and quit in their first week.
Every time I see someone profess with assurance that you don't rewrite, I just know that that person has never really experienced the hell I've described above.