Here are my first two cents on this forum.
My fast twitch answer is content over production value. That being said, a film with poor production value usually draws my ire.
You can't believe that a futuristic script, no matter how clever and well-written, would be believable if shot in a regular part of town. I need my disbelief suspended. It doesn't have to be amazing, but if the production value borders on making the film believable, I can bypass glitzy camera moves and big explosions and follow the story.
That being said, I also can appreciate a film with just high production value. I'll never like the film overall, but I think we can judge a film on its aesthetics alone.
So like someone else mentioned, a film with good content and bad production value will win out over a film with terrible content and good production value. I mean, I'd take a working Pinto over a non-drivable shiny new BMW.