I like high FPS and low graphics, over high FPS and high graphics.
Reasoning? I hate how supposedly "good" graphics look. I'm playing a video game, so I prefer my games to not imitate reality. If I wanted reality I'd be fucking going outside. One of the reasons why I liked Borderlands a lot was because it looked crisp, but it's art style was separated from reality enough to make it rather enjoyable to look at.
Also, newer graphics tend to make me get a headache because the majority of advances in graphics has not been from texture resolutions being improved or other static improvements, but from physics engine improvements, like light sources, shadows, and particles. And those little details put way too much strain on my eyes, particularly if it becomes a clusterfuck. I hate walking into forested areas with high graphics on because I will invariably get eye strain because of all the fucking shadows and godrays and leaves falling and branches swaying and other stupid shit that get in the way of me seeing the actually important things, like angry bears or food. Sure it looks pretty, but again, if I wanted pretty I'd be outside.
Plus it's all about breaking the game through shitty graphics. So much easier to see everything in an fps when the graphics are running lower than low.