I think this agrees with many posters I've read:
My friends, on average, like video games but it's a diversion from their life. As such, they might recognize screen tearing, severe stutter (which, yes, they refer to as "lag), or occasionally muddy textures.
Overall, however, I think most people are hip to what's "big". We can see pages of issues with GTAV but the 1B dollars came primarily from people who "just don't give a fuck." At the end of the day, the people move en masse and reason has little to do with it. They can be moved to enjoy technically brilliant games or inferior games, to them this stuff just doesn't matter... generally.
Flash colorful graphics and "cool designs" and people pay attention. Tell them the game runs at 60FPS and all they hear is "flashy."
Personally, I do notice much of this and while it CAN diminish my enjoyment, what matters most is whether the game is fun mechanically and that isn't diminished by any technical issue.
I get super geeked out when I see a game running smooth but I might also notice it has less world objects or meshes, primarily square pathing, and other "cheats" so often the "geeked out" is countered. I love that newer consoles have the power to emulate older ones (like the PSP running CPS1/2 games, Ouya being able to play like...EVERY arcade game I played as a kid) and so I do enjoy when we see technical tricks.
My friends only care that they have someone to play or that it entertains them for a few weeks.
It's a matter of perspective and I wouldn't expect them to even CARE if I told them "There's a site where all this stuff is argued for 1000 pages of comments." They would blow me off and talk about something I care less about... like perhaps some Reality TV show or something. Most...not all. -Adam