I think there's absolutely room for both, but a good story is always going to hook me more than good gameplay.
I rarely remember gameplay itself, but if the story is good I'll almost always remember it. On the flip side though, if gameplay is bad I'm not going to care about the game enough to finish the story.
I almost always play games on easy too, so I'm not really experiencing the game how purists tell me it should be experienced anyway. To me, games are mostly a form of relaxation. I want to feel like a god for a bit, zone out, and kill some enemies, or I want to get entrenched in a story that's more interactive than a movie is. I've always been a carrot on a stick type of player than a "play for the sake of playing". I want to play to see what happens next in the story, or to see what's behind this mountain, or to unlock this next character/costume. I definitely need motivation and something to draw me in.