Story.

Gameplay, although good graphics help. I've been playing a lot of retro games lately and found them to be a breath of fresh air.

Gameplay/story/mehanics before graphics, graphics only when game have good optimisation and dont use too many resources.

Definitely gameplay, now playing Sacred Gold Edition is my childhood game, I came back to her after many long years.

Gameplay

Gameplay sure

I like my Graphics, I actually game on PC to crank the eye candy settings to the max.

Graphics

Gameplay in combination with good graphics

I think it's a bit of both, players needs to feel that the game has a story and something that makes sense to play it, if not, it'll be a boring game. But this gameplay should have, as an addition good graphics for it to balance, because some really good games have bad graphics which if they had better ones, it'd had much more people playing them.