Really depends on use case.
Personally Internal storage can be useful in some cases, but what I want as high as possible is System Storage. on my old Cappy it had a 16GB internal storage. 2gb of it was set asside for System Storage. That rocked not haveing to worry about how much space my apps took up. Even with my new note i still most have 1 GB left. the rest of the 16GB card is for music, pics, video, and such.
If you plan on doing allot with all that stuff then maybe the internal would be good to get as much as possible. Keep in mind the largest MicroSDXC card is currently 64GB so that would limit you to 80GB total, instead of 96GB. For some that feel they have to carry everything with them that could be an issue.
If you will be doing allot in the cloud, which the S3 comes with 50GB, then the storage isn't that big of an issue. Think of it like this, if you load all your music into google play why would you need the storage capacity for it locally on your phone? With that said there will be occasions you can't get a data connection on the phone and then you will wish it was local, but then most of the time services that pull from the cloud cache some of the content on your device locally so again that may not be that big of a deal. I have a 64GB MicroSDXC card, and I got it for the sole purpose of loading movies to watch at my GF's. She doesn't have cable and this way I can take some of my collection with me and with a MHL adapter still see it on a big screen.