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You left out the most important factor of all: content.  Imagine a game with the best graphics, music, story, and gameplay.  It's over after 1 hour.  Now the game is really disappointing.  On the other hand if you have a super long game without much variety then that gets old too.  Content is actually what people are looking for when they buy a game, both quantity and quality of content.  

(You also left out challenge, but content is even more important.)