There's the famous adage that 'Genius is 5% inspiration and 95% perspiration'. I see no reason why that wouldn't also be true in dancing (substitute talent for inspiration).
Trouble is they are not interchangeable. Thus someone with 1% talent and 99% perspiration (effort) is still not going to be a world champion... If you have 2% talent and 90% effort you will probably beat someone with 5% and say, %40. If I am not taking this analogy way too far to be useful!