If I had to choose between amazing story or amazing open world I'd go amazing open world, for me the games story is greatly important, but gameplay is most important and having a great open world rather than a very claustrophobic linear corridor, I'd go openworld any day.
Though why not have both? Witcher 3 is a prime example of a game with an incredible emotionally driven story as well as containing an expansive and fantastic open world.
ALSO:
One extremely important thing for me in an open world is the idea that I am a person in it who can make a real effect in the world. In Fallout 3, for example, my actions had the power to create new communities, or destroy them, each impacting the entire wasteland in its own way. Skyrim I felt didn't have that same effect. While it had lots of content, even when I "finished" the war, or married someone, it didn't seem like much changed. It all felt disjointed and cause of that it dimmed my experience of it.