When it comes to framerate, "graphics" is only half the story. Performance is also an issue. Regardless of what the game is actually doing, you're playing based on what you're seeing. If the image is in anyway compromised (missing objects, poor framerate, whatever), then so are your reactions. You play poorly, God forbid the game actually reflect that. People weren't upset that Ninja Theory's Devil May Cry game will run at 30FPS (lol, if they're lucky) because it makes the game look bad, people were upset because it theoretically won't play as well as its 60FPS predecessors.
Watch the first video on this page. You can't
not notice how utterly atrocious the PS3 version's framerate is in that video. Bayonetta is a technical, fast-paced action game that often relies on
very specific timing that can be made difficult to impossible by a slow framerate. It ruins the game.
Beyond that, it shows you that the developer just isn't very good at optimising their games for a platform. That says that, hey, they don't respect you as a consumer, they don't respect themselves as developers and they don't respect the industry they work in because they can't be either learning how to put out a product that runs well or don't care enough to put out a product that runs well. Come on man, that's just shitty behaviour. Or maybe it's the publisher for putting them on an impossible budget and schedule, but someone doesn't care and that's just not cool.
tl;dr, not graphics whores, just not okay... with... stuttering... game...play... poor... performance... Actually, if you can't lock your game at 30FPS this late in a console cycle, either you or your tools suck. Maybe even both.