Shiny graphics are nice, and can certainly help with immersion in games, but they should never be used to replace gameplay. I'm not sure about story - that's in a league of its own, but how the game looks should always complement how it plays.
I actually like the aesthetic of older games (as a trivial example, I've never liked the new boxy 3D 'better' graphics of more recent Harvest Moon Games, preferring instead the old pixely GBA-era stuff), but then there are games like Assassin's Creed and Uncharted 2 where the beautiful graphics add a lot to the experience - in Assassin's Creed by creating open world environments you actually want to look at and climb around in, and in Uncharted by cementing the cinematographic qualities of the game.
It also depends on genre for me. I find that in my RPGs, I'll be a lot more forgiving of 'bad' graphics if the story and mechanics are engrossing, whereas in action adventure games I like my scenery to create an immersive atmosphere for me to run/jump/kill in. Having said that, I wish that Oblivion would have had a character creation screen that wasn't rendered completely moot by every possible character still looking like a potato in a wig...
But I digress. In short, I like shiny graphics as much as the next person, but they have to put a shine on an already good game, not a distracting cover on a poorly made one.
I actually like the aesthetic of older games (as a trivial example, I've never liked the new boxy 3D 'better' graphics of more recent Harvest Moon Games, preferring instead the old pixely GBA-era stuff), but then there are games like Assassin's Creed and Uncharted 2 where the beautiful graphics add a lot to the experience - in Assassin's Creed by creating open world environments you actually want to look at and climb around in, and in Uncharted by cementing the cinematographic qualities of the game.
It also depends on genre for me. I find that in my RPGs, I'll be a lot more forgiving of 'bad' graphics if the story and mechanics are engrossing, whereas in action adventure games I like my scenery to create an immersive atmosphere for me to run/jump/kill in. Having said that, I wish that Oblivion would have had a character creation screen that wasn't rendered completely moot by every possible character still looking like a potato in a wig...
But I digress. In short, I like shiny graphics as much as the next person, but they have to put a shine on an already good game, not a distracting cover on a poorly made one.