As many have already pointed out in the thread already, it's hard to define any game as "perfect" due to the wide variety in ways to enjoy video games today. How can you look at franchises like Final Fantasy and Madden NFL, both supported by legions of fans around the word and say that a "perfect game" can be created?
That being said, it still is a fun idea to try and make a formula anyway.
I'm probably missing a few things here, but when I look at the games generally regarded by the gaming community as the "greatest" many common elements seem to pop out:
Fun
Whether the point of the game is slaying a colossus or jumping on a brown mushroom moving in a predictable pattern, the game has to be FUN! This should go without saying, but regardless, I'm throwing it up as the first entry.
An Immersive World
Games exist as a way of escaping reality on some levels. Many games that are considered great suck players in. This is why most gamers will immediately recognize a sound effect taken from a mario game or Navi's demands to listen. It's also why those who've sacrificed months of their lives to the World of Warcraft can tell you all about the various races and locales in the sprawling environment they inhabit in their other lives. The Holy Grail would require a location that fans would remember and love.
Examples: Zelda, Mario, Elder Scrolls, WoW
Player Freedom
Though it's been limited by technology, many of the greatest games had at least some degree of player freedom. You may be set on a linear path of sorts, but by allowing the player to enjoy a choice in where he or she ventures, the game is able to demand a greater piece of participation. Most Bioware games have you choosing what quests you'll take and in what order. WoW is again another great example as well. Even Mario allowed you multiple paths. The pinnacle of this ideal from my experience would be without a doubt The Elder Scrolls: Morrowind. From the moment you stepped off that ship, the world was your oyster. The Holy Grail of Gaming would not only need an immersive world, but the freedom to let you explore it as you wish.
Strong Characters
Many great games, such as the Medal Gear Solid series,
SOME Final Fantasies and KOTOR have had strong plots that made them fun to play and were able to engage the player emotionally. Many other great games, such as Halo and God of War, have relatively weaker plots (I expect at least a few protests for naming those two, but I believe what I believe) but are still great games. The common element was that whether or not the circumstances the characters found themselves in were part of a strong story or not, the characters themselves were compelling in their own way. The plot of any Mario game is simplistic and usually quite weak, but the characters are so beloved and familiar to most gamers by now that its simply a non issue. We don't care much what Mario is doing or why, we're just happy to be along for the ride. It's the strength of the characters that keeps people clamoring for a Final Fantasy VII remake more than a decade after it came out.
Polish
As any gamer can attest, many great unique games are made every year, only to be rendered unplayable due the the mechanics being unable to deliver the concept promised. The Holy Grail of Gaming wouldn't need to have no glitches, as a matter of fact, I'd argue that glitches and the occassional programming hiccups that have popped up in so many great games over the years serves as an almost endearing quality. After all, talk to any kid who grew up playing the original pokemon and one of the greatest waves of nostalgia will invariably spring from remembering the first time MissingNo. appeared! Polish is required in that the the goals the developers set out to meet are met properly and the game is enjoyable on all the levels it was meant to be.
Personality
The last key is based on uniqueness. Every great game has always had that little extra something that has allowed a small bit of it to stay in the hearts of its fans. Whether it's the quirky humor found in metal gear solid, WoW's community which has spawned its own culture, Grand Theft Auto's pushing of the envelope, or the heroic feeling that the Legend of Zelda never failed to inspire, the Holy Grail of Gaming would need to have that extra bit of personality. Graphics will eventually be outdated, but the heart of a game will live on despite it.
Make no mistake though, I'd be waiting in line at midnight to pick up Devil Fantasy Solid 15: Enter Chick Physics if MattAy managed to get it made.