Now, let's keep in mind that writing and storytelling are two completely different things. Script writing has been all over the place for every generation, so technology has no effect on that. Also, story telling is like how you can have the same exact story told by 10 different people, and you will get 10 different experiences. good and bad.
As such, the improvement of technology has had little to no impact on the QUALITY of story telling so much as the MANNER of story telling. That is, while its now possible to have graphics in which people can emote in such emphatic ways, that doesn't mean your story is any better than one that tell its story through inanimate objects or animals. Better audio and voice acting can have significant impact on creating ambiance and atmosphere, as well as correspond emotions with sound cues, but at the same time, you can also accomplish more with less sound in general.
Finally, you have the audience and their expectations and preferences. People like some personal ratio on their storytelling, based on not only their own impact on it, big or small, and a balance of audio, visual, and tactile (what they hear, see, and do). Me, I personally prefer games that offer personal choices that matter, and doing in an immersive, tactile way. After that. I care about the audio of the game, both soundtrack, audio cues, and voice acting, if any. Then Visuals and aesthetics. Graphics are low on the list, but I like it more if they flesh out worlds, especially if they use an uncommon or unusual art style.