I can't decide between 2 or 3.
Yeah, a good story can make a game really special, but quality of gameplay is still WAY more important to me. I mean, look at games like Elite Beat Agents, Katamari Damacy, any music game, Fallout 3 (I hated the story, deal with it), Borderlands, Left 4 Dead, and many, many more: They have either very little story, a crappy story, or aren't even focusing on any story whatsoever. But are they still fun games? Hell yeah!
But on the other hand, I'm not exactly a graphics whore. I can enjoy anything from the original Disgaea (on a 32" TV seven feet from my face, nonetheless) to Shadow of the Colossus to Mass Effect 2, and not give a flying shit about the quality of the graphics, good or bad. Yeah, they can add to the immersion and your overall enjoyment of the experience, but as long as the game doesn't completely rely on them instead of focusing on the fun aspect, I couldn't care less.
Yeah, sorry if that was a bit of a ramble, it made sense in my head.