The importance of graphics really depends on the genre. Graphics can give way to neat/innovative gameplay or an excellent story in action or adventure games, but in a sports game or an FPS, graphics play a much bigger role and are more important.
However, I do believe the current trend in gaming (hyper-realistic graphics) is good for the medium. Developers/publishers will follow the money and games that drops jaws sell.
However, I do believe the current trend in gaming (hyper-realistic graphics) is good for the medium. Developers/publishers will follow the money and games that drops jaws sell.