Depends for me.
I'll play all sorts of retro looking games and games that are actually ancient. Games that aim for realism however, I'll try aiming for the highest settings that my hardware will allow for, if not I'll simply turn down some settings a few notches. I'm totally fine with games that have sprite like graphics, but those games that really focus on pushing for realistic visuals, you best bet I want to see a decent level of textures.
These days we're still getting games that end up using 1080p level textures, in some cases like with the recent launch of WD2 on PC, you can download higher quality textures that scale up to 4k for example. There is also Skyrim and other Bethesda games that can include modded 2-4k textures as another example. The increase in overall texture quality for those games that shoot for realism, can really go a long way in helping with immersion. AA is another part that I like to tweak, as I prefer eliminating as many jaggies possible through various means (DSR, SweetFX, GPU control panel/mixing AA settings with the game in general).
Step right up come on in, feel the buzz in your veins, I'm like an chemical electrical right into your brain and I'm the one who killed the Radio, soon you'll all see
So pay up motherfuckers you belong to "V"
