Story=Gameplay

A good blend of both is what is needed to create a really memorable experience.

Gameplay > Story > Graphics

Graphics are the least of my concern. I don't see the point of playing a gorgeously rendered game if it is neither fun, nor interesting. If something is meant to be looked at, rather than "played", that's what movies are for.

Gameplay >>story>graphics

I do prefer a good story and gameplay over graphics, but that doesn't mean I'd enjoy a game with muddy, jaggy-lined and jittery graphics. For me, the game needs to have an almost perfect balance between the three. Putting graphics aside, I can sometimes enjoy a good story with questionable gameplay, with Heavy Rain being a good example, but I can't enjoy good gameplay and a bad story. I'll say that a game with near realistic graphics but a bad story and gameplay can be excruciatingly boring.

Gameplay > Story > Graphics

The Order: 1886 is a good example of more graphics less gameplay...

I'd rather have all three but if I had to choose the most important I'd go with gameplay.

Story=Gameplay>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Graphics.

Gameplay > story > graphics.
It can change for different genre's but that's generally it for me.
For RPG's it can easily be Story > Gameplay > graphics.

Story > Gameplay > Graphics. If I don't like the game play, but the story is amazing, I'll just watch a lets play of it. That's how I enjoy the story of games in which I don't like the gameplay.

Gameplay > Story > Graphics