I just watched this very interesting clip of an interview with Martin Scorsese, in which he talks about the distinction between story and plot. (Go ahead and watch it; it’s only 2 minutes).
Essentially he defines plot as the bare bones of what happens in a movie–the basic outline. Story involves the characters, the cinematography choices, the casting choices and the emotions portrayed by the actors on the screen. And he concludes by saying that he finds story more compelling than plot, [...]