You don’t have to be in the top 50 to be elite, and being in the top 50 doesn’t make you elite either..... the art is staying there.. I have seen people come to a world, under an alias, very late, just to have a few laughs with friends and they were most definitely one of the known elite of the game and they had no intention of trying to push for the top 50.
It al depends on what your view of the TW world is; some wish to push themselves and put in the time and experience it takes to stay up there in the top 50 (kudos to those who do); others no longer wish to prove anything and are here for just the game and friends. Others sit somewhere in between because RL stops them putting in enough time.
Where-ever the player sits and their outlook on the game, I think the true "elite" are such through recognition of their peers.
As for the original post as to what are the most important aspects of the game. there no aspects (and this is my opinion) more important than others. It is getting the balance that makes a good Player, a good leader and thus a good tribe.