To me, graphics aren't the most important factor to a video game. You have to have a good plot, fun gameplay, and most of the time some sort of replay value to the game in order to make it a really good game.
The N64 had great graphics for its time, which have been outdone for a long time now. But the N64 was really one of the last Nintendo consoles that pretty much everyone could agree that was good. It had a vast library of games that were all fun to play, and didn't discriminate against 3rd party companies. Then the GC comes along, and, well, things pretty much went downhill. But the point is that as good as the graphics were for their time in the N64 days, the main thing was the gameplay. Now, all people want to see is good graphics, and games are starting to suck. I wonder why...