Graphics DO make the game. To suggest otherwise is absurd.
... Eventually it won't be very noticeable, and then game makers won't be able to sell games on "wow" anymore.
First, I clearly said that graphics matter, but that graphics isn't the only thing that matters.
And old schoolers, just like people who hold desperately to classic rock, forget about all the crap. Most Atari games and NES games and old arcade games are complete and utter crap. For every Robotron there are 100 ET's. The Legend of Zelda: Wind Waker isn't just "wow" factor. Neither are Splinter Cell, Prince of Persia, the Burnout series, Grand Theft Auto, Metroid, Half Life, FarCry, Crimson Skies, Metal Gear Solid, World of Warcraft, Psychonauts, etc. etc. etc. etc. etc.
None of these games are possible on the Super Nintendo, let alone an older system. The gameplay mechanics that make these games so fun could not exist without the advanced graphics hardware. Graphics is, and always has been an intrinsic part of gameplay. Super Mario Bros. was not possible on the Atari. Look at the difference between Super Mario Bros. and Pitfall and tell me with a straight face that graphics don't affect gameplay -- that graphics don't matter.
I'm not seduced by games with great graphics and sucky gameplay. I require that the game is fun, and graphics alone won't do that. But that's always been the case. Blaster Master had amazing graphics, but no one would look at it today and say, "Wow, that game has good graphics." Just as nobody is going to look at World of Warcraft in 15 years and say that it has great graphics, regardless of what they say about it today.
Super Mario Bros. was a technological breakthrough, but if it hadn't been fun, too, it would not have turned into the phenomenon that it was. But at the same time, it wouldn't have been the fun game that it was without the technological breakthrough in videogame graphics techniques.
Your myopic focus on gameplay is like someone who thinks that the only important thing in movies is a good director. Certainly it is an important thing -- maybe even the MOST important thing, but the movie still needs a good script, good acting, good cinematography, etc. And the best director in the world can't always save a movie that doesn't have all those other necessary aspects.