Story? - i hate a bad story. lots of games work great without any story at all (mario kart, smash, ect) and that is just fine. lots of games work great with a great story (TLoU, GoW). But a game that has a bad story really diminishes the value of the game to me (monster hunter world).i dunno, as a summary i think it is just important that before the game goes into production that the developer really knows what they want to accomplish. less is more sometimes. i well polish core idea then a lot of things that each feel half-assed.
Realistic graphics? i personally hate "realistic" graphics. i want a beautiful game but not a realistic one. game like valkyria chronicles or ratchet and clank are far better looking to me then shame like CoD.
Art direction? - i guess my prior answer ought to have gone here?
Art execution? - what?
Game loop? - double what??
Good controls? - mandatory. i don't always mind "different" control (like was the case in dark souls) but it the game needs to control well. lots of motion controlled games fail this for me. it makes things frustrating and really un-fun.
Progression system? - i personally think most progression systems are worthless,.. a way for the developer not to have to think too hard about AI by controlling difficulty with escalating life/damage multipliers. however, i am absolutely addicted to a well implemented talent tree like world of warcraft has (had? its been a really long time since i played last).
Visual feedback? - not sure.
Sound effects? - i personally think sound has a much bigger impact on enjoyment then most people think. perfect music and sound queue can go unnoticed when they are perfect but when they don't fit well the game can feel inexplicably "bland".
Pacing? - only importance in story based games i suppose. i do think putting some variability into game difficulty is a good for gameplay too.