Same here. I've seen RPGs that don't use directX at all, and still measure up or exceed beyond some that do.
Its not the tools, but what gets done with them.
I personally think all things matter. Sound, gameplay (which is quests, combat, leveling, jobs, etc etc), graphics and lore/story are all important.
Concerning graphics, I think they're important because they can create a whole new experience of the otherwise most simple things.
A road can suddenly actually look like a road, and you can almost feel yourself walking on it.
An apple suddenly looks so good that you almost want to eat it, and the grass so good that you almost want to just lie down and do nothing.
A scary dungeon also becomes much much scarier, and an epic valley also becomes much much more epic.
A dense forest suddenly feels truly dense and real, and a stormy ocean actually feels stormy and real.
Finally, something as simple as a rock or a tree can amaze you so much that you just want to stare at it for a few seconds.
That's why I think graphics are important. Now to the question of a PC; there is a clear possibility to achieve that better than on consoles, and that's why I'm quite disappointed when I hear that all platforms will look equal. There are also tons of other things that a PC can do better, which has been mentioned before.