I think the graphics are fantastic and the gameplay sucks. I really wanted to enjoy this game, but it wasn't nearly as fun as the original.
That's why I still have High stakes installed, even on my win7 machine
Personally, I really don't like this fascination with pretty graphics in more recent games. It doesn't hurt, but in some games, making things look pretty quite literally takes a backseat to making the game fun. Many newer games are practically just technology demos.
And to think that the 640x480 with 16-color display used by early flight simulators got praise of the form "it looks realistic". For comparison, here is a screenshot of what was considered "realistic:
"I feel like I'm really flying"
"I can see my house from here"
and yet, when you show somebody today something like this:
you get technical sychophants trying to give "advice" to the game developers by saying things like "the flames could be more realistic" or, "the steering wheel on the car would have totally been blown off, that's so unrealistic the graphix suk".
Basically, it seems that with every step forward in graphics technologies consumers take two steps forward in what they expect, completely forgetting that simply having graphics on a PC at all used to be little more then a pipe dream.
This isn't to say that a game with good graphics can't be good; of course not. IMO JC2 (pictured above) is a fine example of a excellent game, and the graphics certainly add to it; but then you have games like, say the NFS:underground series (or going off of CBMatt's comments, HP 2010), that literally are worse genre-wise then their predecessors (high-stakes,HP2, etc) and are good because they are "shiny".