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!