good gameplay needs a good programmer. i also think that there is no way around it. and of course good presentation is important too. but good presentation doesn't have much to do with being AAA and next-gen (rachet's most favorite words smile). there are awesome games with very simple or rather abstract graphics.

edit:
Uncanny Fish Trailer
Pirates of the new horizons
i like the art direction of the first one a lot more. they have put more thought into colors and so on. the second one looks too cluttered. it somehow lacks hierarchy in colors, lighting, shapes...

if you are smart you can do something that is less work (extremely important for small developers!) and looks better at the same time. laugh