I agree that good graphics can make a good game. But they don't need to be state of the art. Somtimes if they can create a style of its own it can become timeless. Look at Team Fortress2. I'm sure you could make it look prettier by today's standards, but its vivid, colorful, and the characters have a style of their own that doesn't need anything more. I mean even look at Psychonauts! That game is old generation, and you can see graphical shortcomings, but it still has a style that can last ages on its own merits.
You can tell in some games when they cut corners and make it look worse then you know that generation of systems is capable of... I'm looking at you Deadly Premonition. I never played the game but unskippable's intro was enough.
Overall, it doesn't matter if you make the game as realistic as possible, but if you can make it look presentable, and if you can go that extra mile to make it original, thats what matters.
You can tell in some games when they cut corners and make it look worse then you know that generation of systems is capable of... I'm looking at you Deadly Premonition. I never played the game but unskippable's intro was enough.
Overall, it doesn't matter if you make the game as realistic as possible, but if you can make it look presentable, and if you can go that extra mile to make it original, thats what matters.