I'd put story above graphics, but bother are lesser considerations in the grand scheme. Although it does depends to some degree on what kind of game it is.
Order of importance:
1. gameplay (sub systems, depth, difficulty, modes, variety, level design ;etc)
2. exploration (depending on genre)
3. fun factor
4. replayability
5. art style
6. sound
7. story (depending on genre)
8. graphics
The last four things are pure aesthetic for me, but art styles and sound are very very important to me. I think they give games charm and a sense of identity. Sound is far more important to any game than graphics to me.
But in regards to general graphical achievement, I'd be satisfied if graphics never evolved past xbox level. It comes to a point where I'm simply satisfied with the graphics up to a certain point. Sure, the graphics will be impressive (as the graphics for the new Unreal engine game are) but it doesn't really do much to sway me into buying a game. In other words, I'm apathetic towards graphical enhancements. They look neat, but unless it improves the game or gives it some sort of identity (Wind Waker for instance, or the upcoming Shadows of the Damned) I really don't care. I forget how good a game looks after playing it for 5 minutes and tend to prefer games with interesting art styles more than games who strive to be as realistic as possible.
