I voted for the last. It wasn't out of the reason that a combination does it but that they separately can be awesome as well. Take Zelda for example. It's a game with a pretty poor story and almost the same plot over and over. Yet still the game is highly addictive and popular.
When you take older games into account that had bad graphics, I still like playing them because of all the other factors: Story, music, gameplay. i.e. Secret of Mana. True, during its time it had a fairly good graphics, but I still prefer it over the sequel Legend of Mana because of the interesting story, great music (I love the boss battle music) and great gameplay that keeps you entertained for hours and hours (leveling up weapons is so time-consuming xD).
But that doesn't mean that I don't care about graphics. I find that FFIX had very nice graphics during its time and I liked them a lot. I mean it's pretty cool to see your hero carry a kick-ass weapon that is well made and detailed. ^_^ Another example of this would be Oblivion. Even though the game lacked a certain degree of something unlike its prequel Morrowind, I enjoyed playing it (almost 120 hours!!!) due to its graphics. It was really stunning. I found myself a coupl of time just watching at some trees in the wind and the moutain panorama in the background for a moment just because it looked so great or watching up one of those towers on the other side and being speechless of their height.
And the last would be gameplay. I'm not sure if you can call Chaos Legion an RPG, but the gameplay definitely kept me going. The graphics are pretty good, too. Even though the game lacks some touch of reality sometimes (Sieg looks like he's floating over the floor instead of running -_- ), I loved the music and gameplay. The story could have been much better as well, yet it is one of my favorite games which I have played through many times so far.
As Phasedscar already said, graphics sell well. I find that disappointing because the makes start concentrating more on graphics than anything else which makes games dull and repetetive. =/ I think that not all aspects need to be covered at once. But in that case one should concentrate on the other aspects much more. If all games had a bad story and everything else very well, I would have stopped playing RPGs soon after I started.