I think gameplay > Graphics
BUT
having said that, in this day and age, there is a certain standard that has to be upheld graphically for me to really be wowed by a game. That's probably why I liked Halo 3 and the same reason I loved COD4.
I won't sit through a graphically impressive game if I think the gameplay is not done well (FFXII), while I will gladly play games that don't have cutting edge graphics (95% of the DS's library) and still have a fun gameplay system.
Personally, in terms of the debate, I'd say by the end of the generation it'll be
360 and Wii VS PS3.
It's coming some day, that the 360 will hit the roof of it's graphical potential and PS3 will keep moving on. At that point MS has got to innovate gameplay (like what sony did with the PS2 and what nintendo failed to do with GCN when the Xbox was released).







