Take Star Wars, for example. The original 3 movies didn't have particularly "exciting graphics" in comparison to the (later pre-sequals) Ep 1 and 2. However - IMO - the first 3 were "story-driven" and very exciting where as the last 2 were awesome grapics but with a CRAPPY story (and acting).
Now which do YOU prefer?
I never said that visuals were the only criteria to enjoyment, did i? What i'll like to see, is how much of the current population of kids enjoy the original Star Wars series. The graphics are certainly consider 'cheesy' now, so i'll like to see if there's as much attraction for this generation of kids as opposed to the earlier generations, when Star Wars was revolutionary.
Which do you currently prefer, An excellent game with average graphics or an average game with excellent graphics?
You can already see your bias with the way you phrase the question. Maybe a fairer question would be "A game with excellent content and story with average graphics, or a game with average content and story with excellent graphics.?
For me, certainly the first... content and story is much more important to me than graphics... but that's not to say graphics aren't important. When i judge a game, i judge it on many things... much similar to how IGN or Firingsquad would do a review. Graphics, sound, story, immersion, interactivity, learning curve, difficulty, etc... there are many variables, with story/content playing a 50% important role probably... but graphics/immersion certainly play a big role as well, probably as much as 30% in my case.
My new 24" monitor doesn't really make crappy games good now... a crappy game is still a crappy game. But on good games, they're now excellent. I'm certainly enjoying them more than i previously did. Unreal 2 was mediocre at 800x600 for me, but at 1920x1200, it's much better. Everquest was excellent at 1280x768... but at 1920x1200, it is soooooo sweet. Everquest is a good example of a game with both 'oldschool graphics' (textures and models of when the game was first released, back in 1998 or 1999 now?) and new graphics (graphics released in 2002?). You can play EQ with all the old textures and models, or you can play it with new textures and models... most people i would assume certainly enjoy the game more with the newer graphics.