So... instead of commenting on the crap going on in the thread, the usual bullshit that gets drummed up by people...
I'd say age does play a factor, but its not the primary one. Sure, growing up with systems more around PS1, N64, or DC power might make you feel that graphics are important to the overall gameplay moreso than people who grew up on Atari graphics.
There's a hundred other reasons why someone might think this way. Personal choice in gaming genres can affect things, RPGs and Racing/Sports games are usually a bit more driven by graphics. RPGs can use them to immerse you better in a story, racing games use them to make that racing experience feel more realistic (and give you something to look at as you drive around in laps.)
Geographical location. People who are spoiled by pretty things, such as those of us in the United States, might be jaded against things that don't look as good. Hell, it definitely affects how we feel about other people, cars, houses, televisions, movies, why would it suddenly not affect video games too? Anything that requires visual stimuli can have a bias towards it, just because of some polish, or the way something looks.
Nostalgia certainly factors in, people can ignore flaws in control schemes, graphics, or story if they have fond memories of the previous game. Sure, it might not be the same game quality wise, but you'll probably play through it just so you can compare the experience as a whole to it's predecessor.
There are others, but it's getting late, and my brain is kinda failing at the moment. Regardless, I will stick by my guns and say a game done with a good sense of art direction and graphical style can be done on any system out there now, so simply graphics should never be the determining factor, the game itself should be, and your personal tastes.