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It is essential to me and the fact the ps4 will not play my extensive ps3 library (mostly composed of not saleable psn titles) convinced me not to buy a ps4.

I haven't cared much about it in previous generation transitions but this time will be different. The ps4 and the NeXtBox will certainly look better than its predecessors but it will not be the leap in graphics we experienced before. As a matter of fact I guess Sony and Microsoft should expect slow adoption once the most hardcore audience is served. I can't see most more casual gamers looking at the new console and considering an upgrade as a must buy.