For me, graphics will always be a secondary concern.
I think the best reason for a game to have good graphics should be to give a great first impression, so that new gamers buy a game and then later find out how awesome everything else in the game is. Unfortunately, nowadays very many games only focus on eyecandy, with very little substance. Sadly, this strategy works as long as the graphics hype is constantly fed with new flashy stuff.
I wouldn't turn down the offer if I got a HDTV at the same size and price as a SDTV, but I would never go out of the way to get my hands on one. For me, DVD quality is sufficient for many years to come. When HDTVs are as cheap as SDTVs are today, then I'll buy one.