You don't think graphics are important? You're in the minority. Graphics, and overall aesthetics are very important to the majority of players. Graphics are important for hooking players in, and then maintaining longevity. The average player doesn't pick up a box and read all the game's features; fact is all a game's features can't fit on the box. So they rely on visual appeal to hook them. Once the game's visuals sell it, the gameplay kicks in.
For games like MMOs, the visuals have to hold their own, otherwise subscribers leave for the next wave of games. Why play an ugly paladin in Everquest when you can play a less ugly Paladin in Lineage? (I've never played or even looked at either game so I don't know if you can even PLAY a paladin in those games, just an example).
Graphics don't sell games, they help too and are a major factor.