Good gameplay can make up for bad graphics, but nothing can substitute for not knowing what's going on.
4 DA WIN
If you have a game with a good frame rate but with bad graphics it will be okay because you can actually do stuff. If you have good graphics but a bad frame rate then you'll be looking around very slowly and it will be boring.
Doesn't matter of graphics are gorgeous if you can't run it T_T
Graphics are nothing without a good fps
My PC is powerful enought to play any current game well over 60fps so great graphics mean more to me.