Here's my view:
Good graphics is a "nice to have".
Good gameplay is a "need to have".
I agree that graphics can enhance the gameplay-experience, but it's doesn't "make" it. Think the "Mardi Gras"-scene in Hitman: Blood Money. The amount of people onscreen is staggering! It really gives a sense of scale, but if the gameplay had sucked, no amount of graphical trickery would have saved that mission.
On the subject of style over polygons: think of Free Radical and the amazing job they did on the Timesplitters-series and Second Sight! Not very high on polygons but definitely high on style and animation!
The best game-experience I ever had was in Ocarine of Time, when I first had to behold a Hyrule in ruins after I arrived in the future. The lonely marketplace, the mumbling zombies, the flying castle, the darkness... It was relatively low-tech, but even today no amount of polygons, normal-mapping, self-shadowing or fancy shader has made a more memorable scene. Even to date it sends shivers up my spine...
I tried to make a point somewhere, but I lost myself halfway there. :wink: