It's about finding a happy medium, some companies think amazing graphics will overpower the fact the gameplay is lacklustre. Look at E3, the games being released all have next gen graphics, for the most part. It's 2011 and everything being developed will have the amazing graphics, but whether they have the gameplay to match it determines whether we are still talking about said game in 12 months time.
It's true graphics don't make a good game, cough *mario karts* cough. But the way we are heading won't be long before we are in total immersion like they are testing at E3 now with the (helmetsets). Battlefield 3 looks closest to merging gfx + gameplay to an unstoppable level.