i only say that im not agreeing with this phrase:
"Is there really an incentive to play a better looking game if the skillsystem is still seriously flawed and they are rehashing the same quest-types?" (thats why i quoted only this cut of your post).
if a gameplay is old and you add new cool gfx effects i think thats a big incentive to play it, in my opinion.
just think of rq3: graphics were really good, and the game might even work if they weren't ruining the lovely phisics of aq2.
i was just on graphics and quests side, not mechanical one

cheers