I don't mind playing even on 16bit pixel based graphics, but they must be fluid. So I need:
60 FPS
No screen tearing.
Feeling motion sick while playing a game with many frame drops and tearing really puts me off. Other than that, Anti Aliasing is also welcome.
I like smooth graphics; Dreamcast was such king at this - Dead or Alive 2 and Daytona USA totally blew my mind.









