Normally I would say with a resounding "yes" that graphics are important. However, gameplay is really what is most important.
Why I say this is simply because if I were only to play games with top-notch, next-generation graphics, I would have to discount both the DS and PSP from the lineup as their graphics don't match that of, say, the PS3, 360 or PC. Remember, we are talking about next-gen graphics.
The Wii would also be discounted for the same reason.
Eventually, I'd have to discount the remaining two consoles, as the PC will (if it hasn't already) surpass anything the PS3 or 360 can dish out.
However, such thinking is irrational in my opinion. As long as I can have fun, it won't matter in the end. I would say this applies to everyone, not just hardcore gamers. 60 million DS and PSP owners, plus the legion of casual mobile and iPod gaming population can't be wrong!
