I agree with Ookaze. A game like, say, Gears of War actually wouldn't be as good games without the jaw-dropping graphics--you get drawn in more by the visceral intensity of your actions. Pop a guy in the head with a sniper? You get a nice, pulpy, satisfying mess. Ram yourself into cover? Little chunks of dirt or metal fall off of it, and your character physcialyl reacts, adding to the visceral feeling of the game. It wouldn't have worked on a last-gen system.
However, by the same token, Mega Man 9 should NOT get blasted for its' graphics like some have done--they were going for a good-looking retro feel, and they accomplished what they needed to, which was to bring Mega Man back to his basics (where he was best).
It really depends on the type of game.








