A great story involves a compelling external plot with lots of twists and turns and which is linked inextricably with the protagonist's emotions and internal journey. In essence, a great story enables the reader to achieve a new understanding of what it means to be human.
Beautiful writing doesn't just mean pretty imagery and descriptions and lots of similes and metaphors, it also means all that stuff you studied in English class: symbols, parallels, reversals and all the rest. Thus, beautiful writing engages our intellect on both a conscious and subconscious level.
Wow! This is a lot for authors to live up to.
What do you think? Is it time for a new writing paradigm?