Gameplay. So many modern games just seem to spend their entire budget on developing an incredible graphics engine and forget to include plot / interesting gameplay. One example is Doom 3. It's kind of interesting, and spooky to play, but it's SO REPETITIVE. Tunnel after dark, deserted tunnel... compare it to Doom 2 which had a plethora of different types of missions. Doom 2 had crap graphics, but there's a reason people keep playing it.
That being said, a big reason people play old games is from nostalgic value. The gameplay might not be particularly excellent, but it does bring back memories, so that automatically adds value to the game.
Graphics are, of course, also important... you can't get away with 16-color 2D sprites anymore (or at least, not as easily). Rather than spend the entire budget on graphics, though, look into an OK graphics engine, and spend some time making the game:
- Fun to play.
- Have replay value.
- Easy to pick up.