I always want to have both in a game. I dont wanna play a game that looks good but have a really awful gameplay or a good gameplay but with an original XBOX graphics. I still play classic games in my PS3 too, yes. But if you wanna buy an XBOX 360 game, you wanna get an XBOX 360 quality. Not an old generation style.
I prefer gameplay a lot above graphics. I'm more of the gamer who likes plot based games. But having a game with good gameplay and good graphics just makes it even more better.