I don't think graphics matter this much these days, back in the day, it was about being less crappy so you could actually recognize what you're looking at. Now it's more about shadows and lightning and such,
"omg this has 9000 more polygons!!" effect is kinda dumbed down, because almost any game nowadays has great graphics. I really enjoyed Borderlands graphics btw, I'm on the same boat with Eltu. The thing is, amazingly realistic graphics CAN have effect on how immersive the game is, while older games have to make up to it by other qualities (such as awesome story, gameplay etc), I think that's why only exceptionally good old games are playable today. Think MGS! Eltu did you get MGS yet?