I believe that most PC gamers are simplistic with their approach.
The faster it can push frames, the better.
This is why FPS performance has been the benchmark of a great GPU for as long as I can remember.
Periodically you get new features coming along that get people interested as opposed to it just doing the same thing, but faster. Some examples:
-The early 3d cards like 3dfx were actually slower in many cases than lower resolution software rendering (i.e. 640x480 slower than 320x200 sw). But they looked a lot better due fancy features like bilinear filtering, lens flares / coronas, coloured lighting, making higher resolution more accessible (of course 640x480 software was a lot slower)
-Nvidia championed the drive for 32bit colour when 3dfx were still churning out 16bit/"22bit" cards - I personally wasn't that swayed by it (because I would stick with 16bit for performance reasons) but I know quite a few were
-New DX versions often carried new features like bump mapping, pixel shaders etc that got people interested even if the performance wasn't groundbreaking. I know there's a few on here that had Matrox G400 Max for example, great image quality but wasn't that competitive in terms of framerate
Of course, it is all quite tightly related in any case, generally speaking you can trade off visuals for performance in all cards, and a card that looks better will usually only look better because it has enough grunt to enable features out of reach of other cards. People make these compromises all the time, if framerate was really that important most people would be running lower resolutions with no AA etc.
That said, for me it is a key driver and I can't see myself using features like this for actual game play, as I turn down graphics settings as it is.