I like a nice mix of both. Gameplay is important as it keeps you interested in the game and wanting to keep on playing just to see what will happen next, but if the game is nice looking at the same time then that does its part to improve the whole experience.
Bad graphics turn me off a game because nothing is more boring than moving an ugly blob around an ugly landscape etc. Boring gameplay is just plain boring, no matter how pretty the graphics are. A nice mix of graphics and gameplay make the best games.
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