I agree with Black Mage, I don't find that hard to believe, since Mario is a very likeable guy (all those Toads love him!), and I think Peach is a very kind person, and she wouldn't care about looks that much.
Now, let's get our minds off Mario, and try and figure out how Shigeru Miyamoto came up with such a fine video game character! (Whistles!)
Sorry, I've always had a bit of a thing for Peach.
See how the mustache hides the slightly sad smile... and the sideburns, portraying his simple, blue-collar roots... and his legs, thick, wide, the legs of the masses!