So if the gameplay was run of the mill, but was backed up by a spectecular story, you'd play that over the one with little to no story but unbelievably awesome gameplay?
If I had to choose? Yes. Games can be fun and I like having fun, but stories are what I'm really interested in. Interactive fiction is fascinating to me.
Luckily, I don't have to choose, and games like Wipeout can exist right alongside something like Arcanum.
You cannot enjoy a story if you have to fight poor gameplay. Hence gamepay is more important than story. You can enjoy a game with excellent gameplay but poor story, but you cannot usually enjoy a game with excellent story but poor gameplay.
It really depends on the way in which the gameplay's poor. The Silent Hill games, for instance, have universally abysmal gameplay but are well-respected because of their stories; likewise, Planescape: Torment's gameplay is functional at best, sloppy at worst, and the majority of the enjoyment comes from the narrative. The aforementioned Arcanum has some of the worst damn gameplay I've ever experienced, for God's sake. I still adore it.
I agree that there's a point where it's just not worth it, and of course all creators should remember that they are after all making
games, but I don't think it's as simple as you suggest. There are degrees. Gameplay should never by neglected to the point that it's painful, but taking into account realities about developers with less-than-infinite resources I think it's perfectly acceptable (if financially inadvisable) for them to prioritise.
I like Perimeter, and that thing has a crappy ass story.
Bite your tongue. Perimeter has a wonderful story. I wish more games were half as charming and convention-defying as that title's setting.