That weighting of factors is where the money is at. Knowing something is a factor can lead to you spending an equal amount of time on optimising it, despite it having a .000001% chance of improving your rankings.
If people could simply remove the royal screwups with their site (slow, dupe content, canonical issues, etc), and then focus on the top 4 or 5 factors, like title, first paragraph, content quality and depth, +++) they'd likely get the biggest possible return on their time investment.
Somewhere in this, the equation might point to backlink building, social validation signals, and other items as well.
Personally, I'd rather choose a short, memorable, Purple Cow, type name, in the hopes of giving people something they can recall, start to type in the address bar, and which autocomplete then fills in for them.
Keyword rich domains rarely have this... If I'm a shopper who's viewed 10 pages with bathroom tiles, I might have visited tileworld, tilemountain, tilegiant, tilesdirect, tilemagic, tilechoice (yes these are all in the top 20 or so results for 'bathroom tiles'). If I start typing tile into the address bar, what's Chrome (or Opera or other browser) going to put in there? Who knows - but it likely won't be your tilebazaardomain - it's just a % game.
Victorian Plumbing, Fired Earth, Topps, Wickes - I could remember any or all of these. Especially if the minute I land on one, there's a niche, a theme, something I can identify with visually and have the image burned into my retina so I don't ever forget.
In USA there was a computer store, 'Computersmart', that advertised on the radio - "Cheaper than a really big toaster". On the wall of each store's showroom was a toaster that had to be 3 feet tall. It wouldn't really toast anything, but it looked like a real toaster. People identified with that like gangbusters. It wasn't that clever - but it was that memorable.
I remember John Lewis because of that wicked warranty that makes my actual price seem much lower, knowing the TV will last 5 years. I've forgotten a thousand other sites with TV's which are cheaper, many of them with keywords in their domains.
Moral of the story: Be remarkable. Be memorable. Don't sacrifice either of these for one of your search algorithm factors you're pursuing.