I'm not sure that there are a limited number of words. If we're talking about the 2 or 3 physical magazines on the market, I'll actually give them a pass. Big review sets don't use paper, though, there's no such limit.
As to where we stop, well, we could use a set of consistent criteria. Is AA important? Is AF? Framerate? Texture quality? General image-quality (a catch-all that would catch blur filters and resolution, since pixel counting may in fact be too much to ask). None of these seem particularly controversial. There could be more. And as to people actually bringing it up, this is where objectivity is important: fanboy gloss gets in the way of an accurate analysis. GTA4 was not panned for its framerate, which as grandmaster has found out, was very very janky (especially on PS3). People didn't see it because of that fanboy gloss.
If all reviews were written by completely reasonable people then okay, maybe objectivity wouldn't be such a big deal. But very often, especially for really hyped games, reviewers just overlook issues. And again, not because they're dishonest, but because their enthusiasm for the game makes them overlook these things. And so when people aren't behaving rationally, that's when a set of objective criteria to discuss around helps matters. It would help ground the reviewer (hopefully) and it would allow the buyer to make a more informed decision. Not everyone who cares deeply about graphics is on B3D -- a lot of people are actually thankful about Lens of Truth or Eurogamer's analysis, even though they show up well after the game's release.
For people who don't care about such things, well, they can gloss over the numbers and just get the conclusion. It's like saying that reviews shouldn't have text because most people just want the score.
I played through GTA4 and the first expansion DLC. I don't think the frame rate was panned because it didn't impact the game as far as I could tell. I have no idea what the frame rate is, and don't really care. Sure, if it was 60fps it would be really nice, but it's not and it doesn't really matter, at least to me. If the review had said it dropped to 10fps during big explosions, I would have bought it anyway. That number, in itself means very little.
How are you going to set a criteria of what is important, and how do you make any kind of statement about each of those things without it being entirely biased? This goes back to the idea that you can analyze any of those things in the context of a game without making a biased judgement. I think you'd be hard pressed to find anyone that could make meaningful conclusions about those things that would accurately express how good a game looks or plays, especially without introducing personal bias. So the problem of fanboyism wouldn't be solved.
And to say that people glossed over the problems in GTA4 because of fanboyism is a little bit conspiracy theory to me. Mostly I think the problem was the way the reviews were conducted, which wasn't disclosed to the readers. The real problems in the review industry and kickbacks to mags from publishers which puts pressure on writers from editors and owners, or other such conflicts of interest.
When you get into criteria for grading graphics, you still have the problem of overall impression vs check list. You can have or not have depth of field. Does depth of field inherently make a game look better? What approach to depth of field is best. Does a game score points just for having it, or is there some qualitative measure that determines whether it is a value add, or not? Is it better in one type of game, and not another? You're going to end up with a huge list of criteria, and what exactly is the end result going to tell us? I'm not even talking about delving into nitty gritty coding level discussion. Just the feature itself. It isn't cut and dry how a criteria about any of the new buzzwords would work. I think you're asking for something that is far more complicated that it would seem, and it wouldn't provide any value, or be any more unbiased than a general impression of "graphics."