As viewers, I'm sure you all have individual preferences in regards to this sort of thing. For instance, while I enjoy the wrestling matches themselves on the occasion I do watch, the production values and the presentation looking professional is fairly critical, too. Out of production values/visual presentation, segments/interviews/storylines, or the actual wrestling matches themselves, what is most conducive to your entertainment?

Myself, I'd go with the interviews, segments, and storylines. Without the drama, personalities, and character development, I don't think wrestling in the US could survive in the modern world. This is why I take no issue in WWE straying from its origins as a wrestling promotion.

Furthermore, would you still enjoy wrestling as much as you do if all it had to offer was the matches themselves and no characters or storylines?

The wrestling ofc.

AS in any sport where two or multiple opponents fight the build of for that match is the most important. Some wrestlers you just know are a dream matchup like Triple H and sting while others need the skits and diffrent storylines to build them up. For me a perfect example of this is Daniel Bryan and Roman Reings at first i know i was not that excited about seeing that match until week after week they gave us a litttle more, and by the time they were brawling on raw the Monday before Fastlane i was hooked in.

OK.... As far as I'm concerned Storyline is definitely important... But Storylines don't work out AT ALL unless you have talented wrestlers that are doing the Storylines. Basically, what I'm trying to say is the wrestling portion and the entertainment portion are equal in my opinion.

When it comes to the WWE? They haven't been a "wrestling first" product in 20 years at least so while I may watch NJPW or RoH or LU and applaud the quality of wrestling, I don't expect that from the WWE. I'll cop it for this but whatever, I've always seen them as an entertainment product. The segments, even the drawn out ones, the drama, the characters, the build to PPVs, I'd miss it dearly if they ever became a show focused on wrestling. 

I do however find it funny when commentators, performers and fans take shots at the WWE by driving home the point of "this is wrestling". It's apples and oranges IMO.

The in ring action.

At the end of the day thats what people come to see. Even casual viewers/new viewers expect to see some great in ring action, thats the draw. That will always be the dealbreaker for a wrestling promotion. Its great to have beer truck moments, and Santino draws a few chuckles, but thats the icing on the cake (and think about how important icing on the cake is, its essential, its necessary, but its not the cake). The in ring action is the cake, and if your company guy cant even do a dropkick correctly or has to rely on 10000 punches with the same 3 moves and trash psychology, youre doing something wrong.

The wrestling and the storylines are equally important imo. If you are a shit wrestler, it makes it hard to take you seriously when the storyline tries to present you as a badass (see Roman Reigns). If you are booked terribly with a stupid gimmick despite being a decent wrestler, it makes it hard to care about your matches (see Adam Rose). You need both to be effective. 

Production value is less important to me, WWE has probably the best production but is often the least enjoyable show. The commentary is more important to me, I'd rather have no commentary than terrible commentary which hurts the show immensely. One thing that WWE does that makes me rage is the commentators talk during promos, or they comment on backstage segments that seem like they should be private (like wrestlers scheming together and shit), TNA is better with this with the whole hidden camera setup they have.

Another thing that is extremely important is that faces need to be legitimately cool. John Cena is not cool. The Usos are not cool. In real life sure you would probably like these people despite not being cool, but this is a TV show and you aren't going to invest in these characters unless they are cool.

Wrestling with good storylines.