Gameplay ~ Story ~ Multiplayer > Aesthetics > FPS > Graphics > Resolution, where '~' means 'dependent'.
Graphics aren't too important, however they should be on par with other games at the time.
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If it retains 30 FPS 90% of the time, it's better than most of the games I grew up with, and a few I still play. 20-25 FPS is where I start to draw the line, if it's for an extended period and nothing is distracting me from that.