Things that are appreciated are completely understood, and usually welcomed. If you're fully aware of how risky it is to wrestle alligators, you could say it's an appreciated danger.
You might think you look extra cute in your new pink bicycle helmet, but it also has the appreciated benefit of protecting your skull when you're riding. A slightly different meaning of appreciated is "received with gratitude," so your thank you note to your Aunt Emily could say, "The hand-knitted leg warmers were much appreciated!" And if someone talks about an appreciated stock, they mean that it has increased in value.