Why do graphics matter?

[Bodhesatva]

I think it's clear where the dividing line is, other than fanboys who simply parrot what their console of choice dictates.

Some people care about immersion and story telling. For those goals, graphics are quite important (examples: Final Fantasy, Gears of War).

Some people care about gameplay so much more than anything else, that graphics are nearly irrelevant (examples: Tetris, Starcraft). 

It just depends on your personal preferences.