Darkfantasy
Inkling
I think if we replace "setting" with "character" or "plot" or "editing" or "research" we cut right down to the fallacy. You're right that (most likely) no one reads fantasy solely on setting. Myself included. However, if any of your components suck --- setting included --- I'm gonna put your book down pretty quick.
No I'm not saying setting is unimportant. It takes a mixture of ingredients to make a novel. What I'm saying is: don't put more weight on setting thinking it'll see you through, because I don't think that's the case. I did actually say in my original post: "Having a rich and consistent setting is vital." so I'm not sure how you got me saying it was unimportant from that?
So very developed setting with little plot and bland characters. What I think it should be, is a rich and original setting with a good plot and three-dimensional characters. So don't expect setting to do all the work. Hope that cleared it up!