I consider the graphic designs in games to be artistic (sometimes, heh). The game design itself, I consider more akin to the art of, say, writing fiction.
The thing about games, to me, is that they're really composed of more than one kind of 'art' - taken as a whole, I would consider games to be entertainment art (acting, they say, is an art, and that's for entertainment purposes)...which to me is quite different from the old-style 'classic' art defintions of Monet paintings and giant statues of David, or whatnot.