I'd definitely say gameplay trumps gfx everytime.
So would i. But that is not the point. The problem is that games don't look as good as they should, because of those fucking consoles. In the old days, the argument was about gameplay or whatever vs graphics because resources were limited and you often had to chose between one and the other. Now there is no choice either way. Games have shit gameplay because modern developers are just as stupid as the people they make games for, and they also have shit graphics because of the limits of console hardware, and Codexers are fine with the latter because they are still stuck in the mindset that they have to somehow prove how much they don't care about graphics, as if this was still 1998.
Personally, i think this whole issue with companies downgrading the graphics of their games can be pretty useful to win over a lot of people back to this platform, if only developers were to downgrade their shit only for the console version.