Personally I couldn't care less about the graphics as long as the gameplay and story are good.
One thing that kind of disappointed me, even though I expected it, is how they're dealing with what happened in previous games. Sounds like they're doing away with the Keep or whatever it's called that kept track of what you did.
It probably would've been too difficult to keep track of the minute details but I and probably others will wonder what happened to so and so from previous games.