I'd also recommend doing the graphics last, and building the whole game with place-holders instead. This way you can avoid the situation where you've done a lot of artwork already, but want to change the plot of the same in a way that renders all those things useless. This will pretty much always happen anyway, but if you do the graphics last, you can diminish the effects.
It's also very encouraging to have a "finished" game that you can play through, and will help avoid getting stuck in development hell.
The Secret of Monkey Island was made in this way, and it allowed them to do gameplay testing and cut out some sections of the game without having wasted time on the assets for those parts of the game.
It's also very encouraging to have a "finished" game that you can play through, and will help avoid getting stuck in development hell.
The Secret of Monkey Island was made in this way, and it allowed them to do gameplay testing and cut out some sections of the game without having wasted time on the assets for those parts of the game.