If a game is written well, tells a great story with great characters, and is an emotionally engaging experience, I will forgive it weaker graphics and a slower framerate.
Origins makes a great example.
If it's a generic FPS, it's probably going to have to impress me with pretty good graphics to get me to play it for a while.
I'm the exception to the rule, apparently. I don't care about the "latest, greatest" system or graphics. That comes very low for me, as a priority. Excellent gameplay or excellent storytelling is what I care about.
The industry doesn't really listen to people like me, though. If they did, VG companies would not be constantly investing the bulk of their resources on higher FPS or resolution graphics, but on fostering innovation in conceptual game design.