I do believe that in a Hack and Slash the story may be a great addition (like in DMC3), but the gameplay still is the whole point of the game, since the story can only get you so far as the first playthrough.
After all is a game. Gameplay is (or should be) at least the first thing to be considered if you're gonna decide if a game is great or not.
Yeah, gameplay should always be a top priority... but before I kind of explain my opinion, I should describe what I think of when I say 'gameplay'. Generally, I just mean the core mechanics of the game. Like, in a Spyro game... I would describe gameplay as the simple act of Spyro collecting gems, breathing fire on enemies... but there's more to the game, such as figuring out little puzzles in order to obtain gems, and little challenges to collect eggs.
In truth, I think that gameplay is tied into a lot of elements. From the sounds used, the levels, the enemies, and pretty much everything... almost. Story is tied into the gameplay by having the little bits of dialog while playing, or when you have interactive cutscenes (press B to jump, i hate these kinds of things)... sound is really important to bring satisfaction when a player collides or hits a wall or object. The levels are built around the gameplay to best compliment it, and many times they are one of the same when platforming comes into play. The enemies are the same in this sense, as some enemies change the way a player will use Dante... but when I say 'gameplay', I think about Dante swinging around his sword with the addition of guns and the ability to tie together moves (DMC1). In DMC3, I see the gameplay (I guess combat would be a better word since it's a Hack'N'Slash game) as a step forwards as it added the additional ability to quickly change weapons similarly to DMC2's gun switching, and an improvement in tying together moves.
So, what I'm trying to say is... for me at least, DMC4 has improved combat due to the added and polished elements... but since the combat is also affected by all the other elements, the gameplay overall feels dumbed down... and ultimately it gets boring quick.
But, there are also games that I dislike because they have too many elements that affect the gameplay. Take Call of Duty for example, I really enjoyed Black Ops 1. The killstreaks were more or less fair, usually they would only get 1-2 kills tops (The mortar team was my idea of a perfect killstreak). However, with Black Ops 2 the core gameplay is the same... but killstreaks are more powerful, which I found to distract from the gun-on-gun gameplay, and this made the game annoying for me.
Or, in some games, the elements connected to gameplay can actually make bad gameplay fun (The Walking Dead would be an example of this, the gameplay is just clicking on stuff to progress and change the story).
So, my point here is that gameplay should be a priority, but the elements that are connected to it can make or break the whole game. Keep in mind, this is just my opinion... I'm not sure why I have to state this in every post I make since it's usually a given, but I guess I`ll have to get into the habit of shoving it in anyway.