Yes.
There are pretty good games, like Hardcoded, with similar pixel art.
As long as the story and dialogs are engaging, art level is not as important.
Still, one not subtle yet not explicit sign of quality is consistency. If you are going for the pixel art look, use an appropiate font, interface theme, and make matching sprites and graphics. Do not mix them. It will be the difference between amateur and professional finish.
As an example, look at the Treasure of Nadia game. Ir goes for the HD pre-rendered graphics look, yet it looks and plays gorgerously, and it is the same RpgMaker engine.