Believe me, if you were a child when games jumped from 2D to 3D, current graphics don't really impress you as much.
Gameplay is always the most important part of a game, but graphics do not matter as much as art style. For this, I point to Twilight Princess. Technically, the graphics are fairly dated, but in terms of art style, it's just gorgeous. I really, really, want the fishing hole in Upper Zora River to be a real place.
I should probably use more than just Zelda references in my posts, but then again, do I need to?