I agree with those that place gameplay above graphics.
However this is the way I see it.

Crappy gameplay with superior graphics = crappy game.
Crappy graphics with superior gameplay = good game.
Superior gameplay + superior graphics = superior game.

To each is own and for me gameplay is a must.

Stating the above doesn't mean I can't be put off by a game with really good gameplay but crappy graphics. When I spend my hard earned cash on a £50 game I at least want to see that the developers had put some decent effort into making the game look good.

Take COD:BO2. Lazy graphics programming to maximize on profits. It sales however shows that gameplay ( and hype ) is far more important than graphics to many.

Pretty much next gen in a nutshell

http://www.youtube.com/watch?v=3n9j65ZmTIM

I can play games with bad graphics and good gameplay, and games with good graphics bad gameplay (the witcher, though it is the story that drived me). Both matter a lot, but when talking about graphics it is a combination of the art in the game it's style as well as how graphically impressive it is, and when talking about gameplay it is not only the mechanics but also things like customization.