In response to the OP, arguments in the gaming world in the vein of 'Graphics = Quality' are older than most of the gamers arguing it today.
Acting as though this is suddenly a new issue is to ignore the fact that older consoles competed against one another on the sole issue of power and visual fidelity alone (16/32 bit comparisons were common for their time). It has always been an issue, even going back before the days of home consoles, and seeing it live as strongly as ever is no surprise
As many people who argue against the issue of 'Graphics = Quality' point out, a game will not live upon the quality of its visuals forever. Eventually, the visuals will age beyond the Gamers' comfort zone, and it will push ever other aspect of the game into the forefront. If they are not enough, then the game will fall into the abyss that many games even now lie forgotten.