Wow. A little narrow sighted are we?
From my perspective of playing games for roughly a gazillion yrs I'd say graphics importance
is overblown. Once the initial hype and frothing quickly subsides, after release of the game, what's left is whether the game is fun or not. How many repeats of history do we need before this clicks in certain brains?
IMO, Oblivion was a huge disappointment. It doesn't even look very good and it doesn't run very well at all. It doesn't even do well as an RPG with all it's fake level scaling nonsense. I don't know much about those others you've listed except that they haven't proven anything yet. If you think otherwise, you yourself have fallen for hype.
Mass Effect at least looks neat. I'll grant you that almost all of the new games look neat. Doesn't mean all that much though. This forum is filled with technology enthusiasts though, not people necessarily looking for gameplay.
What's special about Wii? Well it has a new playing style that obviously comes from their experience and research of successes with new types of game control. All those drum pads and dance mats rocked the gaming world and N decided to try something really new with motion sensing. Wii is set to win all the price wars against the supposedly "next-gen" consoles. I can't wait to see how it all turns out. But you better believe that, come Xmas, parents will take note of a $250 price vs. a $400-$600 one. And, no, parents really aren't going to care about graphics. My father, definitely an old-school gamer, doesn't look at a Xbox game and go wow! He goes, "Zelda was better". Funny thing is he means Zelda 1, 2, and Link to the Past, cuz he hated what N did with N64. It got too cute and the control was too complicated. Actually I don't think he's played a game since I brought home Goldeneye 10 yrs back lol.
I don't really care if the Wii's graphics aren't in Sony and MS's bullshit "next-gen" marketing category. They will be good enough. And, if you really are a PS2 fan you shouldn't care much about graphics anyway. Hell, obviously consumers don't if DS is annihilating PSP. Actually I like PSP a lot more. Why? Cuz I can hack it and play SNES and LucasArts games on it.