I've recently played two shooters. One is Max Payne 2. The other is Halo.
Max Payne I played straight from start to the middle of the second chapter. Halo... well, I'm still not past But I Don't Want To Ride The Elevator.
And now I realise what the problem with Halo is. It's the Matrix syndrome. At one point, it forgets about storytelling and focuses on the action. You've got to gun down literally thousands of Covenant and Flood before you get to the next story-part. Granted, the cut-scene then lasts for a good five minutes, but still. The Assault on the Control room was overlong, and underdeveloped. The level went on, and on, gunning through endless copies of the same room, without getting anything new in the story part.
Max Payne 2, however opens up new pieces of the story every moment you play. The cutscenes, the graphic novel parts, the TV shows that reflect your own destiny. Well thought, well executed, and engaging. And no gunning through copies of the same room, that was oh-so-dominant in Halo.
Another example of good story-telling replaced with more commercial profitability is the NOLF series. NOLF 1 was witty, funny, and well-developed. The long conversations between Cate and Mr. Smith & Jones opened up the characters well, while still remaining clever. NOLF 2 made them into charicatures. Not to mention that I would have liked to see more of the american General and his Black counterpart.
So, what kind of action/storytelling balance do you like in games?