I find the graphics actually help the immersion. Similar to Jaws, the lack of visual representation of, say, the lady who cuts, splits, cracks your body open and you're left with a loot pile of a ring and your own intestines is left up to your imagination. Turning off the tv, really getting into the game and you start to imagine the details in vivid detail.
It'll be well into 2012 before I finish the story but I'm already excited to give the other games a go.