Graphics matter to some extent but gameplay is more important....For example DOOM 3 had excellent graphics but the gameplay sucked I felt because it became predictable....not so with QUAKE 4 even though the engine was similar (albiet with improvements)
Now I didnt' like the gameplay of HL2 also....but the graphics were good...So I UNINSTALLED BOTH THESE GAMES AFTER PLAYING LIKE FOR AN HOUR...DOOM 3 FOR MAYBE 5 HOURS...
But I played farcry through and loved it....Amazing game I played it 4 times through on varying difficulty levels and plan to play it through the hardest diff while I am on holiday again....
there u go....
Even games like Age of empires 2 which don't boast gr8 graphics are 5* acc'd to me...So u see graphics isn't anywhere near important as gameplay...