Let's not kid ourselves. Graphics are important to any gaming experience. However, there is ALOT that great gameplay can make up for.
But, lets take a minute to break down what we mean by graphics and what makes them important.
Graphics are basically the visual representation of what is going on within the game. Without them we wouldn't have a game period. Therefore, the graphics have to be clean, precise and understandable to human brain. Everything must interact in a means that the player can predict what will happen next within the game at any given time.
It is only the above statement that makes graphics important...not the flash.
In other words, Super Mario Brothers 3 is graphically perfect, for its game...and is no better or worse than Gears of War.
For that matter Perfect Dark or Goldeneye is no better or worse than Gears of War. Both games are capable of allowing the gamer to enjoy the game experience.
Therefore, I am not looking for the richest most detailed graphics. I am looking for pleasing graphics that a fluid and work well with the actual gameplay of the game...and hopefully gameplay actually exists in the game.
Other than that, Graphics mean nothing to me. I will play Mega Man on NES, Zelda and Mario on SNES, Goldeneye and Mario 64 on N64, Windwaker and Mario Kart on the Cube and be happy with all the graphics and the experience.