Depends on who you are and the type of game you are making.
For example, if (1) you are the game dev, and (2) you are making a game with specific mechanics, such as an rpg, you might want to release more of a tech demo first. just a few starting missions for example, nothing too deep.
If however, you are (1) a player, playing a game with a focus on (2) Story, you tend to want more content than just testing some art and programming techniques, if you can't complete a story with any one character, then instead usually just learning enough about several characters to understand their personality (and or what fetish each character panders towards) can work as a good start if any one story line can't be finished in the first release. Getting a good start understanding each character is a good way to get players initially rooted into your world.
I myself always try to make it so a player can at least complete something of interest, even if it is not part of the main story line. But you do you, you tend to get more followers with more completed games, but I also think that you get an even greater concentration of followers (although the collect slower) if your game is more specialized and niche, but that just the experience of one person talking.