However, when it comes to execution, I don't even think the game needs to be the latest and greatest as far as graphics go. An indie studio will never match the multi-tens of millions spent by studios on graphical assets, voiceovers, etc. By contrast, people still play MUD's even today, and those are just text. Why? Because some of them are executed well. I don't think good execution relies too heavily on eye-popping graphics. As long as the UI is good, the toolset is good, and the EULA is workable, it will be great.
Bioware's NWN really shot itself in the foot with its EULA which forbade making money from a player-made server, btw.