Really good topic, I was actually thinking of making this one recently.
As you said, there are the fans that care about what happens inside the ring, wrestling-wise, there are those who care about the soap opera, the drama etc, and of course, there are those who care about both; in-ring performances and storylines.
If you see and read on the internet, most of the time, the discussions are not about how much should play out, who should be pushed purely based on his in-ring skills etc, but mostly about how the storylines should go. To me, the best fan is the one who wants both wrestling and entertainment. This is why many flip-flop promotions without storylines don't break out. They have great in ring talent, with amazing performances, but it basically is amazing the first 3 times you see it. After that, it becomes the same thing and isn't as exciting anymore and people realize that there are so many people out there that can do the flip flops, which is exactly why the story telling etc comes into play, when you think about how a wrestling company can go forward.
When I started watching pro wrestling for the first time, I remember seeing Rey Mysterio and I thought oh my god this guy is from another planet. I also saw big guys fighting and since I didn't know at that time it was staged, I thought it was amazing to see the big guys fight and Rey doing his high flying. Soon after I realized that it was staged and I also saw a lot of other guys doing high flying etc, and it didn't have the same appeal to me as it first did. That's why I can't get into guys like Rey Mysterio, Sin Cara, Even Bourne etc anymore, or big but generic guys like Big Show, Kane etc.
Of course, there are always exceptions. Lesnar, HHH, Batista, Bryan, Punk etc are all exceptions, because I enjoy watching these guys. Why? Because they have a story to tell and are not just big guys fighting ot flip-flop high flyers. They are just as good in the ring as they are able to tell a story. I think that's where the problem really lies. People know that what happens purely in the ring isn't "real" and therefore are more intrigued by the general story, the promos etc and sometimes, I am also heading in that direction. Good story telling is necessary when you want to create a huge moment. Look at Bryan's victory at WM30 or Punk's victory at MitB 2011. Great stories both times, which culminated in some epic moments.
There goes my rightful defence to those who like soap opera. Since it isn't real fighting, you need to look at the things that make these things real, and those are promos, the hate between the two opponents etc. With that said, it's time to defence those who want the in-ring performance.
As I said, most of the time, many things we see being done are already seen before, especially in the WWE. This takes away some excitement. BUT, no matter how good story telling is, if the actualy bout isn't exciting, then it isn't truly an awesome feud. Do you think that Punk vs Cena / Summer of Punk would be so great, if the actual match between the two wasn't a masterpiece? The answer is obviously no. The match delivered to the point that it made the fans get excited. Same for Bryan vs Cena at Summerslam 2013, Bryan's WM30 matches and of course the Shield vs the Wyatts. The last match is basically the epitome of amazing story telling and amazing match, and this is why it was praised so much.
To the point of in-ring performance is where the wrestlers can't do all by themselves, but they need some crowd reaction. Like it or not, the guys in the ring do what they do for the money and for the fans, so they fans need to interact more with chants etc. The more the fans make it seem realistic by chanting and giving that big fight feel, the better the match itself becomes, even if it would otherwise not be as good. Take for example Punk vs Rock, Royal Rumble 2013. It wasn't a wrestling masterpiece, but the atmosphere alone made that match feel big. See Wyatts vs the Shield. The fans were chanting this is awesome, before the Wyatts even entered the ring.
To cap it all off, Both story telling and in-ring action is required for a segment/feud to be considered good and that's what most smart fans want to see. The "wrestlemania-only" fans don't see flip flops or big guys go at it all the time, that is why they get intrigued by Cena vs Rock. But, most of the time, the arenas are filled by fans who care more about the in-ring product (along with the story telling of course). That's why a memorable moment is mostly created because of an amazing match with crowd interaction, rather than just some promo.
It's really hard to say everything I have in my mind, but I think you kinda get a taste of how I feel about this thing.