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I don't see your point. Important for a game is the gameplay, never the graphic. Not for atmosphere or whatsoever.
Compare GTA4 to any previous GTAs, it's the same game and graphics didn't change the fun at all. Compare Fable 1 to Fable 2 & 3. It's actually still (almost) the same game and the graphic didn't change anything at all.
Compare Call of Duty 1, 2 and 3 to every CoD released after them.
The graphics are NEVER important to a game at all. It's the generation of gamers we have nowadays that generalize a game for its graphics.
And the old-generation gamers get used to the new graphic and want more eye-candy.
And I never said anything about MMOs. Look at Ultima Online or something like that, I don't know, I don't play them.
My mistake, I always see MMOs when someone writes anything about RPGs