I don't completely buy that realistic graphics are not the way to go. Yea they can look dated more quickly, but when I play thru hl2 (which I do every so often) I am still quite satisfied with the look of the game and characters, 10 years later. If eqnext can do realistic graphics that last 10 years I'd consider that a success. Environment design and avoiding uncanny valley is more important in graphical realism than how many pixels you can shove into one spot(granted, avoiding the uncanny valley is related to graphical power to some degree but a lot of it is style).
It also depends on how you define 'realism'. To me, I find wow and wild star to be cartoony, stylized graphics. Tera and ffxiv are also stylized but somehow more 'realistic' I guess, so I guess I'd draw my line somewhere between those two categories of games