Do you consider Comic Books/Graphic Novels a decent form of Art and Literature...
(i.e. The Watchmen, Road to Perdition, History of Violence...)
Actually, I majored in Sequential Art in college, so I'm a bit biased in that regard.
Every medium has the same potential for "high" as any other. The quality of storytelling in a comic has the same potential as in a film, play, or novel - the oft-times limited view of comics as children's superhero drivel (or that such comics represent a majority of the market in that particular medium) has nothing to do with it's potential.
Some of the best works I've encountered have been in graphic novel form - Maus, the Watchmen, 300, a lot of Will Eisner's later work, etc.
I'd say the same for videogames and (to stay on-topic) books based on videogames. There is no inherent worth, or lack thereof, in any medium. The tools you use to craft a story vary widely, but the potential is the same throughout. When movies first came out in the early 1900's, there was a pre-concieved notion that they would never measure up to live theatre, for example. Later, the same stigma applied to animated being only for children. The quality of the work has more to do with the target audience and the competence and will of the people involved in it's creation than in which way they choose to apply their particular vision.