What I value in the games I play varies according to it's Genre... I guess what applies to most if not all is:
Replayabillity
Good Story
Fun Combat
In MMOs I'll also value:
Immersion (which you left out)
Music
Customization
In RTS I'll also value:
Graphics
Tactics
Choices
and in turn based strategy games (such as Heroes of Might & Magic) almost all of the above will be important to me.