Depends. There are some games where the graphics just bother me, and others where the environments and visuals are a big part of why I like the game.
Overall, I think it's extremely important for the graphics to suit the game. No matter how many fancy shaders, shadows and whatever a game has, it's all pointless if the visual design is boring, or doesn't make the game fun to play. The graphics have to serve a purpose other then to just look nice, or show off some fancy engine.
One example is Left 4 Dead, imagine that game without the detailed lighting, the really nice flashlight, and the gunshot lighting effects. Sure, it would be the same fun zombie survival gameplay, but I don't think it would be nearly as fun without those three things. And much of those visual effects serve an important gameplay function as well.