Well now, graphics do matter depending on what the style of the game is. Only because there is no excuse in this day and age to have poor graphics. If you're playing a game like Halo Reach, and it has some crappy graphics it wouldn't be as good as it is now. That's because the visuals is what makes a game into a piece of art. That's why games like Halo Reach, Mario Galaxy 1 or 2, Sonic Colors, The Legend of Zelda Wind Waker, and many others look like master pieces and that's because gameplay has to flow with beauty to make art. As for games of the past such as Ocarina of Time, yeah compared to games of today the graphics are horrible, but then again, Ocarina of Time is better then most games out now. Reason for that is because it's gameplay, music, and design, made up for it. So very few games can be playable today without the graphics bothering you, because most games feel too outdated. GoldenEye was a very great game for it's time no doubt about it, but by the time I played Halo Combat Evolved it didn't feel the same. Yes there's the older games like Super Mario Bros, and the Legend of Zelda, that have terrible graphics compared to now days. But you had to grow up into that in order to enjoy it first and have your memories of it, then you move on into improvements, not the other way around. Some games get doomed due to getting too outdated and some don't.
Yes I enjoy older games, and I am only 15. I'm one of the few people that like the classics such as Sonic, Mario, Streets of Rage, Battle Toads, etc for my age. And that's because I grew up with an NES and a Sega Genesis in my house, then I went on forward to the N64 and the Playstation, and etc. So I can appreciate older games without complaining about graphics.
So all in all, Graphics do matter for this generation of games, only because there's no excuse to have poor graphics. And for older games, they don't really matter if you grew into them they were good for there time.