Rob's right. The story is important. Especially, when instead of just sitting there watching a cut scene you can interact within it. That's when the story becomes a great experience. I love walking up to people in Oblivion and they're having their own conversations. Or if a few morons are yammering away - well, stop listening to them and go do something else. That's an immersive experience and one that I wish all games from here on out do. Allow your character to be a part of the story, cut scene, etc.
In Gears most of the cut scenes with talking dialog still allowed me to be in control. I just walked during the scenes. Really cool stuff. Yes, the story wasn't that cool but it was immersive. And I actually liked the fraternity dialogue, perhaps, because I'm still juvinile myself.
To sum it up, games that implement the story in an interactive manner definitely get more positive spins than those that do not.