Gameplay is 50% of the game, story is the other 30%, 10% is graphics, and 10% is sound/music. Just my opinion.

Good gameplay can carry bad graphics and zero story and still be amazing. Atari is a good example. It was not known for it's graphics or story, just pure gameplay.

Good story with decent gameplay can carry bad graphics.

The best graphics in the world can not carry bad gameplay with zero horrible story.

Don't get me wrong, I love good graphics, and Crytek makes incredible graphic engines, but he is wrong about graphics being the most important element of games.