Hmmm, I think the lore/setting needs a certain minimum amount of interesting elements to be compelling, but after that threshold is reached I'm personally there for the characters and the story that is told through those characters. As long as the world feels interesting and provides sufficient incentive to suspend disbelief then it really falls on the characters making thought provoking decisions and doing interesting things to move a story along. I don't really participate in famdoms so much, usually just focusing on the fiction itself.

Imho the best stories get you to love the characters and want to see them succeed, and then place obstacles and opposing forces in front of them to provide a conflict that drives to the narrative's conclusion in an interesting way. The best twists are the ones that aren't too obvious but you can see coming if you're actively taking in the clues, the best antagonists have thought processes that make sense and are self-consistent even if the viewer doesn't necessarily agree with them, and the best protagonists see parts of themselves be challenged and have to reconcile those dissonant elements within themselves to reach their goals.

I also feel that on top of everything else, the presentation in a given medium is also incredibly important. Whether that's a book being well written and coherent or an anime being well animated and choreographed with emotionally appropriate music accompaniment. These things go the final mile in really crystalizing the tone being put forth by the story/setting/characters and making sure it all hits home in the way the creatives behind them intended. The best media for me has both great stories and great presentation that takes full advantage of the medium being used.