What makes graphics important is not the amount of ZOMG PIXELS a developer can fit in the screen, what makes good graphics is a developer who can use the least ZOMG PIXELS to tell a story, set an atmosphere and let you interact with the game. Then after anything else any extra space left for more ZOMG pixels should only try to add to making the atmosphere, story and everything else even more powerful.
The thing is as far as artistic direction is concerned, it is pretty easy to wow people with "zomg look at all the purdy trees and stuff" but what is really hard is to make a really great hell pit or dungeon not to look pretty but to actually make you feel claustrophobic and make your heart pound. Blizzard has obviously lost their cojones.
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