An interesting question to consider. Most people would think "yes" at first, however, the wow factor may not be what is needed.
Special effects and graphics are great for web designers, photographers, and other creative folk, but for most other types of business, it is more important for visitors to notice what you have to say and learn about your service or product. The graphics and design should complement the message.
This question comes from a post by Seth Godin. He recommends creating a site that is not too cutting edge or slick and not too horrible or amateurish either. He makes the comparison: It's sort of like the clothes you want the person giving a eulogy to wear. No Armani, no cutoff jeans.