Implementing a graph on top of a RDBMS is trivial, and if the semantics are correct (the same as the ones exposed by a graph db?), then I'm not sure why would people want to use a proper graph db.
I thought that probably it'd be an issue of performance: the "right tool for the job" that "does one thing and does it well" probably is leaner and more efficient. After all, unlike a trivial implementation, getting a graph on a RDBMS to perform well might not be that simple after all (still, your idea of inheriting tables might make things more flexible and maybe more efficient)
But then, when looking up some Neo4j benchmarks, the numbers seems to not be good at all:
http://baach.de/Members/jhb/neo4j-performance-compared-to-my...
I'd like to hear from someone that used Neo4j (also, other graph databases are interesting) in production, and benchmarked it against a RDBMS prototype, finding the former as the better solution of the two.