My opinion is different. More than Graphics/Gameplay, Fun is the most important factor. But if we lag a bit in either Graphics/Gameplay, we are doomed.
For me neither Graphics is ahead of Gameplay or vice versa...both are equal. Now coming to the game progress, unlike gameplay/programming, Graphics design and Model design needs far less designing. Hence you see the models being developed so fast. This does not mean that other aspects are ignored. Its just that the "behind the screen" work for gameplay/programming is huge and that is what we are doing.
To update from a gameplay/programming perspective
1) We will be using XNA for both 2D and 3D development
2) Currently we are screening features list so that based on that we can create a storyline and then lay out all the screenies. So it would be a virtual game on the papers.
3) On the programming perspective, I am putting together some classes that the game would have.
THis game is on a very big scale where all the management, online, 3D play, gulli cricket theme, everything is put together.