Would you consider a "graphic novel" to be literature?

The other night as I was watching (again) the film “The League of Extraordinary Gentlemen”, I was noticing (not for the first time) how the “look” of the production reflected the fact that the film was an adaptation of a graphic novel. The Wikipedia article lists the graphic novel, along with the comic book, under the heading “other narrative forms”. Although I have seen many such graphic novels that I would consider to be very creative and artistic, I’m not sure that I would necessarily consider it to be literature. What say you, collective?