I don't think you need billion dollar graphics and animation to convey things through animation and graphics. Bastion wasn't a million dollar game and I was very into it's story and world. It mostly had narrated dialogue and cleverly done world design.
I'm not talking about making a Mass Effect-like experience either. That was more into the territory of an interactive movie.
I don't mind a lot of text to convey character depth in terms of feelings, thoughts and moral dilemmas. But I don't want that to be used to convey moments where the action of a character would be better shown via animation.