Absolutely, although I do sometimes like to marvel at the state of graphics/physics of the latest games!
Another example where I think lack of graphics actually contributes to making a great game: Avernum (RPG). Way back when I spent hours of my life playing Exile 1-3, of which the Avernum series is part remake (1-3) and part completely new (4-6). I recently bought the last three installments and I've been having a lot of fun playing it.
The thing is, even until this day few games I've played came even close to the experience Exile/Avernum provides, both in the tactical RPG sense and world-building and storytelling, even though the graphics are quite atrocious. Most Triple-A RPG's I've played were nice in many other ways, but fell short in the crucial elements that I care most about.