People who say graphics, art and style don't matter are full of shit.  I personally want something more realistic than the anime inspired shit we keep getting.  Not because it's bad, but because I just don't personally like the style and it feels too commonplace now.  Give me some gritty realism and I'll be happy.  And I don't need magic flames and/or sparkles on every weapon to feel epic.  I'm okay with minor graphical differences mattering, and for early-game items to look like exactly that, early-game items that shouldn't be overly impressive.
There better be gnomes and unicorn mounts, though, or I won't play it!