In my opinion, none of these sides of the Mud can be put one above other, the trick is to get a good balance of all of these sides (except maybe IC text might be less important in not rp-enforced Mud). If you have strong code, lots of areas, varied equipment, but weakly written and/or maintaned laws - the Mud hardly will be enjoyable, I believe. If you have great "visible code", but weak inner code - Mud will most probably be laggy and crashy, hence it also will be quite unpleasant to play.
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