A story needs a number of components working in harmony to make it enjoyable. Engaging characters and a solid narrative are par for the course, which makes the argument over favoring character over plot (or vice-versa) all the more confounding.
Characters are vital because they provide the emotional connections for the reader. Whatever drama occurs, it’s the effects on the characters that will keep someone invested in the story. Each character provides a unique perspective through which the reader can see the world the writer has laid out and experience the dramatic tension firsthand. They are also the catalysts that bring about the events that shape the narrative, making them vital for any kind of meaningful plot development.
Plot remains just as important as the people who occupy it. No matter how likable or charming a character may be, that charisma won’t amount to anything if he or she lives in a world full of plot holes and poor pacing. Just as the people existing within a narrative shape the story and provide emotional anchors for the reader, the plot provides the necessary mood and background, giving the world its flesh while the characters give it a heart.
So please, don’t settle for one element over the other. A good story is all about weaving characters and plot into one cohesive whole. Anything else only results in a tangled mess.