I'm still running all my games with my GTX285.
I always "want to" upgrade, then I change my mind. For now I have the feeling I want the GTX 660 Ti... but I know myself enough that I'll do other things and my work keeps me busy, weeks fly by faster than I'd want them to and the next thing I know a new card is announced then I end up waiting "a bit more". That 285 is effectively the last upgrade I've had for my GPU, although I did upgrade the CPU, motherboard and memory fairly recently enough... relatively anyway.
So, in most games I usually have to run them at 1280 x 1024. I can run above that resolution but then I have to lower the in-game settings too much. For many console ports it's usually not much of a problem because whether the settings are at the highest or lowest it usually doesn't make that much of a difference. The games for which I actually run with reduced in-game settings are Company of Heroes and Dawn of War 2. I own Crysis and Crysis Warhead but I don't play them, they're not installed.
For other games like Team Fortress 2, or Indie games like Trine 2, etc., then my 285 still manages well enough, as long as the resolution isn't too high. What I actually want from games would be both of course, smooth frame rates and highest graphics. But if I had to chose (and I do sometimes have to chose) then I go with smooth frame rates, regardless of the game type.