Graphics matter. But it's not good graphics, it's coherent, clear graphics that matter. If you can easily understand what's going on on the screen, then it's mostly OK. With higher resolutions and more refined UI we generally expect a lot more clarity of information nowadays, and when older games can't provide that, their graphics become obstructive. But look back at sonic 1 on the megadrive. Sure the graphics are simplistic, but they're hardly bad. They build up their own world, they're iconic - but they convey all the info you need, so it doesn't really get in the way.