Partly true. Take a look at World of Warcraft. Not the best looking game out there and the gameplay is very simple and easy to master. You get some powers, abilities and spells and then you can read online how the elitist experts tell you how to use your character effectively. There's not much to it. Almost all the other MMO's do the same gameplaywise, but the more recent MMO's are using alot better graphics and try to make you as a player part of a greater storyline experience. World of Warcraft are trying to up itself with expansions where they improve graphics and make alot more interesting storylines and using different storyline techniques to make you as a player feel like you are really changing the world with your actions when you play the game.
When the gameplay is settled, then graphics and storyline are there to make the game complete, because I don't think a game is complete without those things. We are beyond the days of Pacman, Tetris and Bubble Bobble. We as gamers crave for more stimulation than that! We need more to be amazed by a game and that is what graphics and storyline does, because gameplay can only do so much, imo.
The boundaries between those three things have shifted greatly over the course of the years. Books make for great stories, movies make for great visual experiences and games make for great gameplay, and now you can experience all those things in a videogame and feel like you are part of it all.
Many of the games which have given me these positive experiences have been on the Unreal engine and that's why I support it.