No, gameplay trumps all. If a game isn't engaging, entertaining and fun (in whatever combination and to whatever degree), it will fail regardless of how good it looks, sounds, tellls a story or portrays emotions. This is readily observable and easily evidenced by the popularity of games with little to know story (most mobile games, sandbox/open-ended games like Minecraft, Sims, Skyrim, Saint's Row 3, most MMOs, RTSs, MOBAs) and so on.
In order of importance:
- Gameplay is undisputed number one. Needs to be engaging, entertaining and fun.
- Challenging/Rewarding
- Story
- Replayability (choice, multiple paths/endings, new game+, playstyles/classes, etc)
- Graphics
- Sound
Things have to be gotten right in that order, or a game will flop.