For a film or performance to be captivating to an audience, it demands subtext. The story subtext is the 'real story' we're conveying, not just the incidents of the plot. We do not want the actor's concentration to be placed on making the audience understand the literal meaning of the line, but to focus on the situation, experience, relationship or objective.
Thousand Year Films definition of an artist may very well be that one sees, feels, intuits, and allows treasures subtext. Without, subtext, the character or movie feels as if it's going through the motions, connecting the dots on a merely intellectual level. In terms of film content; subtext may very well be the value we hold in highest regard. If a scene, character or performance is lacking subtext; we either cut it from the film; or if possible re-write and re-shoot it until it does. Everyone involved in shaping the narrative or creating the character should have a continued and passionate drive to ensure that the film and characters are rich in subtext.