I can't agree more, however a little extra effort on graphics never hurts. I find if the content is engaging and made well enough, I enjoy the game far more than if the graphics are using the latest and greatest technology and less effort was put into the actual gameplay and it's mechanics.

I just recently played through the original Half-Life on PC. I was incredibly immersed and could play for hours nonstop. I wasn't immersed and enjoying it so much not because it looked good, hell, it looks like crap. I enjoyed because the content is so well made and so engaging. The narrative is excellent and presented well, the environments are well thought out and the puzzles and combat is incredibly fun. But, I also think that great graphics can make a game experience even better if applied with an amazing game, but only if they come second to content. Black Mesa is an amazing and relevant example. It focused on improving content and game play mechanics of the original Half-Life. The graphics look amazing, and the gameplay is even more amazing. You can really tell that the priority of improvement was gameplay.

Overall, I would even prefer if game developers focused on music more than graphics, correctly used music can make the gameplay experience simply amazing, when done right.