Game Stuff: Games need WAY more than graphics, you need some depth, a good story or at least a solid outline of what is to be accomplished and how, good characters (or other equally interesting features if its an RTS or something) and you have to know how to market and create an atmosphere. Graphics are a small part of the larger picture.
System stuff: Graphics are good and all but its not a core part of a successful system, check out the game cube, games for the most part looked like crap but because of the audience, the large game catalog, nifty addons and fan support it was the first system to make any actual money, the PS2 and the Xbox started losing immediately and I still don't know if the X box ever turned a large profit.