I agree with Limey.
If games are a visual medium, and they have graphic artists, then technically games should be an art-form, like photography, traditional art, digital art, film and painting. So, therefore, graphics should matter as much as gameplay.
But, games aren't widely considered an art form. To some gamers, yeah, games are an art form. To others, and especially those who don't play games, they aren't. They're still a leisure activity, as much as board games and sports. And therefore, at this point in time, to most people, only the gameplay matters.
When the world (and even some developers) can accept games for more than what they are, a worthy medium rather than a silly pastime, the world will take graphics - and games - more seriously. On the hand, this view is improving as we speak.