How should graphics be judged?

Lets take Ninja Gaiden 2 for example. The graphics aren't groundreaking but the reason is that the action is so fast paced and so many things are going on screen at one time.

So here is the question?

Should graphics be judged soley on resolution and textures?

or

Does the action, speed, and how many things on screen count?

Polygons, textures, atmosphere, animations, special effects, and Frames Per Second.

Creativity, artisticness, and accuracy are not generally important. It only matters depending on the game.