Well, most people in my family seem to put a higher value on graphics than gameplay. It's sort of hard to say, though, because, while they may go on and on about graphics, a majority of them prefer Call of Duty to Battlefield, between which there is an obvious graphics divide, but I'm also not sure if they prefer CoD because that's what all their friends play (I know I have one cousin who keeps trying to get everyone to switch to BF).
Also, this tends to be an issue that comes up whenever developers like Crytek and DICE start talking. One of Crytek's heads once commented that graphics were 60% of what made Crysis, and that graphics drove gameplay. DICE has made similar comments in the past, though, they also seem more in-touch with how gameplay relevant technological leaps (i.e. physics and AI) are necessary as well. Also, if you go to the forums for games like Crysis and Battlefield, you'll see a lot of people who share the sympathy that graphics drive gameplay, and there's even more people who refuse to play a game that doesn't have "good" (i.e. "realistic") graphics.
Finally, spend some time with the PC community. While most people there are nice people, there are a lot of very vocal elitists, and among those elitists, you'll get a lot of people that complain every single chance they get that consoles are holding gaming back, and by holding gaming back, they generally mean technologically, and by technologically, they mean in the graphics. The degree to which I've heard some of those arguments in the PC section of some forums is absolutely mind blowing, with some forums being bad enough that any PC gamer who doesn't prioritize graphics will feel like they are in the wrong community.
As far as what my stance is, I'm definitely on the story and gameplay side, and while I might look oddly at old games when I go back and play them, I can generally accept their old graphics very quickly. There might be times where new gameplay decisions open up because of better graphics, but our technology has reached the point that it really only comes down to what we can do with our current technology and art styles, not that any technological leaps will open up new gameplay options. Right now, if we're focusing on anything in terms of gameplay-relevant technology, we should focus on AI and physics.