Story
I'd argue that it's much more than just story. Story without good characters gets you nowhere.
Story, characters, and dialogue are certainly mor eimportant that the quality of the writing. This does not, however, mean the quality of the writing can be horrible. Bad writing means bad story and poor characters. The writing doesn't have to be great, but at the very least it must be competent. I don't think very many bad writers get published, whether they're bad in story, characters, or writing style.
But I suppose some do, particulary in fantasy and SF, where the idea often takes precedence over everything else.
And not liking a style doesn't mean it's a bad style. I think writing should be invisible, but it should never be bland. It shouldn't get in the way of the story, but it shouldn't be written to please those who only care about the story, either. There are far too many "readers" out there today who think a book is bad if something isn't exploding, or someone isn't getting killed every five pages. There are far too many "readers" out there who believe a book is bad if they actually have to think to follow the plot.
A book should alway have a good story and good characters, but there's nothing at all wrong with good writing, and with good language use, either.
I think a writer can get very rich writing to the lowest possible denominator, but if you're going to do this, you may as well be a plumber. Invisible writiing, yes, good story and good characters, yes, but bad writing, or writing that simply caters to those who only want action, nope, never.
I think a writer's just is to tell a good story, fill it with good characters, and to write that story as well as it can be written, and to never back away from language use and style simply because some percentage of readers may not like it.