Mike,
Unless my answer falls under the heading of playing conditions, I would say that #1 on my list would be pace of play and I don't mean speeding around a course so I could pat myself on the back for being a fast player.
Give me a course where spacing allows for no waiting at any tee and I am a happy camper. This is only an ideal though in our area we are very lucky to have some underutilized but very good courses where waits are not the norm. I feel that every category you mention fares no better than second if waiting interrupts the flow of the game.
Having said that I will answer your question:
#2 Camaraderie- I'd rather spend a few hours with friends on a mediocre course than several hours with mutts on a great course. No regrets for that statement, either.
#3 Architecture- I'd rather spend a few hours with friends on a great course than several hours on a mediocre one.
#4 Atmosphere- I'd rather spend a few hours with friends on any course where I was made to feel welcome than at any track where I felt unwelcome.
#5 Land- I'd rather spend a few hours walking:) with friends if possible. I have to use a cart on more severe topos.
#6 Conditions- The first time I played Yale in the mid 1980's the conditions were not too good and a couple of the guys I was with groused about them. Now, it is surely better to play a great course in great condition but I will accept less than great maintenance on a course w/ superb architecture over a perfectly maintained example of archi-torture.