Graphical quality matters when coupled with frame rate. I do not like playing a game at sub standard graphics even if it runs at a smooth 60fps. If you play a game on a PS4 for example and never see the other consoles in action then you will not really notice 1080p as you do not have anything to compare it to, but once you see it in action compared to a Wii U or Xbox One then you notice it.
What is a bit of a waste to mee is the whole 1080p debate when it comes to FPS'. The action is so tense en hectic that you seldom notice the graphical difference but when you get to play a game like Uncharted or The Last of Us or any PRG where you can stand still and actually take in the sights, then you will need 1080p and you will notice it.