Both can be true at once. Superhuman, for example, is not the most visually appealing game. However, the writing makes up for it. Whereas, for example, my games tend to be of the prettier variety, but can struggle in the writing department. Specifically with pacing and clarity.
There's games that do both well to varying extents, Race of Life and Summer's Gone are two examples off the dome. I do agree that it's hard to survive off of just high quality renders now, but it doesn't mean you should ignore them in place of a story - especially when it's the first thing people will look at for your game before deciding if they want to play or not.
I thought, in the beginning, Fashion Business as pretty good game. Until, click click click... it got very annoying.
Was the writing good, i am not sure.
This is probably the crux. The character. Especially for NSFW games. Not just if can connect to the you in the game but if you like it.
After that the rest comes in. Game mechanics, writing, renders.
So, it is probably really not just one thing but the combination of things.
I think in regards of dialog Fallout 4 is probably one of the worst games. The story didn't make any sense. And this is big box title.
I have to think about it but probably will never do it because i just don't have the money to spill to buy everything.