While graphics are far from the most important piece of a game, ascetic still matters. I rate story, gameplay, and controls (in that order) as the top factors in making a good game, but graphics are a close fourth. If it doesn't look good, less people are going to buy it in this day and age. Just part of the business. And the console hardware (at least the 360 and especially the PS3) have hardly been pushed to their limits. I think we can still make graphical improvements in this console generation before moving into the 8th.