LittleBigPlanet, anything with Mario in the title, and World of Warcraft gobble up the superlatives despite visual aesthetics that might have been state-of-the-art in 1995.
Graphics are also quite subjective (if you don't believe me, look for the inevitable "WoW has a consistent art style" comments below), calling into question the validity of the "graphics don't matter" hypothesis. Clearly they matter to some folks, and In some games, like Age of Conan, high levels of world detail not only look beautiful but can also can obscure mobs and add to the challenge and/or immersion.
What about you, dear readers? Do you care about graphics, subscribe to conventional gamer wisdom, or both?