Definitely musical playing. My sister and I both play piano and we can play some of the same pieces. If you listen to us, my sister is the technical player and I am the musical player, I put my emotions in the music while she concentrates on hitting the right notes and playing the piece exactly how it was written. I treat dynamics as a loose guide when I'm playing a solo.
If a piece is played with no missed notes and is technically correct in every way but has no emotion in it, I will not appreciate the performance as much as I would one with a few missed notes (because everyone misses notes every now and then) but with as much emotion as possible.