With a lot of people I know, there seem to be two different attitudes about graphics: (1) all amazing games have amazing graphics and everything that's not at Crysis 2 level is a piece of crap, and (2) you don't need good graphics to have a good game but all games with good graphics happen to be crap. In short, either good graphics or bad graphics are best. I don't agree with either of these perspectives, as they're very shallow.
There are some wonderful games out there that didn't match the graphical prowess of the more powerful consoles out at the time - such games include Metal Gear Solid, Tomb Raider, Shenmue, Sonic Adventure 2, Super Mario Galaxy, Red Steel, and No More Heroes. Few would say that any of these aren't wonderful games, and they were all for the significantly less powerful consoles of their respective generations.
On the other side of that token, though, that doesn't make games with good graphics bad games. I can appreciate when a sequel or a remake of a game is released and the graphics are significantly nicer than in the old game or the old version. When you start to compare the graphical quality of games from different series, though, especially within the same generation, you start to miss the point of each individual game. Sure, games should try to take advantage of their consoles' power, but you shouldn't get too focused on that. If anything at GameCube level has "bad graphics," you might be crazy.
It's also worth noting that the graphical style of a game is infinitely more important than the graphical quality. Is it cel-shaded, or is it a more realistic style? Are the characters drawn more like anime characters, or in what other style are they drawn? That has a tone more to do with the specific game you're playing, as it's controlled directly by the creators of the game, whereas if they don't have the hardware to make something have a ton of polygons or complex lighting, that's not the fault of the creator of the game.