a good balance of both

Gameplay is more likely

Graphics can make you play a shit game only for so long, whereas a good game with not so good graphics is still enjoyable

Just look at any pc multiplayer like Tibia, CS, Halo, Enemy Territory or else and the answer is pretty simple...

Gameplay , but if you want to make a good game , you need decent graphics as well.

Graphics help but without good gameplay, then why play the game?

gameplay

if the gameplay mechanics and storyline are good then u can go on playing without bothering graphics example darksiders 2

Graphics are getting more important every day, but for me it has always been about gameplay and the interaction that you get from the game.

Gameplay.