Graphics can get fanatics of "Gameplay/Story is God!" theory up in arms when you discuss there importance. They almost scream and throw a tantrum at you for any reference to graphics being at an important factor in a game. Well I'm going to say they are, and before you call me up on it and cruicfy me for not being a real gamer I'm going to briefly point out, graphics alone make a movie and a bad one at that, you then need story, now you have a movie thats totally dependant on the quality of the director and the editing, then add gameplay and you have a game. There are other aspects but they're key. Graphics is by far the least important factor BUT its still one of the big 3. This however ONLY applys with new releases. If you buy a game that is 12 years old you are not going to make a thread crying about how terrible the graphics in this game are, because when you bought it for £10 you knew what you were getting, a 12 year old game. So graphically you are more willing to let it slide if the gameplay and story are great. If however its a new release thats been advertised everywhere say for the PS3 (sake of argument), and you pay £40 - £50, your going to be a little pissed off it the graphics look last gen and lazy. Again you may reasonably argue, well if the gameplay and story are great I'll stil enjoy it, but your missing a key point here. If the graphics had been excellent too imagine how much better that first glimpse would have been. Every aspect of the game is subject to the quality of graphics no matter how you look at gameplay and story. If the game has bad graphics taht look lazy and last gen, especially if this is also marred with framerate issues and other bugs, your going to feel a little let down. I know I know MGS2 was amazing, Ico was a stroke of pure genius, Okami, R&C, etc etc the list goes on, are all great games, but all would benefit from that next-gen touch. They are by no means lessened without it, we accept because they are older they will inevitably look less stunning.
Graphics as an element of the game. This is often overlooked. A game; by defination is meant to bring you, essentially, a kind of happiness. We all seek happiness its one of the key reasons to live. We achieve this from the many thousands of aspects in games. Now can anyone tell me they havent been stunned by the natural beauty of the world at some point in there lives? With this gen graphics we can recreate scenes that the natural world unfortuntatly cannot make us or ever bring us, and they can be nigh on photo realistic. The thrill and euphoria at the point of seeing a great city of the future glissening with light from 2 suns in a expanse of golden desert as you ride some kind of mighty steed, an elborate greatsword strapped to you back. This thrill, this explosion of joy can only be brought to you by the factor of games that is often shunned as "idiot pleasing" (because obviously if you appreiciate graphics you cant possibly comprehend good storylines and assess funtional inovative gameplay). So yes, graphics can influence if I buy a game. Past games, the story, reviews, and gameplay all important factors too. If I still play the game will always be down primarily to gameplay and story, but if a game has abysmal graphics, thats I just piad £40 for on my next gen console. Well I feel inclined to be allowed to feel a little let down.
For those who know the lore of The Elder Scrolls, who wouldnt be enthralled by the magnificence of the high elven city of Alinor rendered in stunning 1080p? It would by no means be the defining factor of the game, but if thats the first thing I saw in TESV it would bring me a rush like nothing but the eloquent beauty of the imagination incarnate can.
Post a bit long maybe?

I just really want the show the nay sayers (obviously alot of you will read this and nod saying yeah I already knew that, or not believe me in which case if your happy with old graphics fair enough, thanks for reading) that graphics arnt just the boon of infantile immature fools who cant go 30 seconds without killing something, that they are indeed as much art as many paintings, and as beautiful as some of natures work, though not yet on par imo. My answer to the question is in there I assure you
MGS4 SPOILER (though its well phrased)
Snakes helicopter nap was awesome though, really brought back some memories.