For me, there are several components, in order of importance (most important to least):
1) The way it sounds - hey, if i like the way it sounds, i like it!! I remember once having an arguement with someone because they said that Tim McGraw's music was bad because he used pitch-correcting technology, but hey, if it sounds good it sounds good, so i like it!
2) Songwriting - this is prety important. I always admire music that was written by the person performing it. Many of my favorites write their own music, but there are still many that i like that don't write their own, such as George Strait, Sinatra, Elvis, Kenny Rogers, Tim McGraw etc. Songwriting is a "plus" so to say, but its not important as if the music just sounds good to me. I think when it comes right down to it, i'll like a song regardless of who wrote it, but if the person who performs it wrote it, i'll like it even more
3) Instrumental talent - It isn't necesary that good artists play an instrument, afterall there are many good singers out there, but its a plus also. I admire perfection with instruments, which is one reason why i like keith urban, who plays all string instruments in his music. This could be seen as a "plus" also
4) Production - this could be seen in two ways: production value and if the artists produces their own music. I deffinatley admire artists who produce their own music. The best are the ones who produce, write, play, mantain a unique sound, and just sound good. Good production in my opinion can turn a terrible song into a great song, a song never to be heard into a smash hit. (Look at lots of Mac McAnally's stuff, many of it could have been big country hits if the production was a little different).
5) Uniquity (if thats a word
6) Emotion - I think that its very important to put some emotion into your music. I think its something that you can see shine through on much of Buffett's work and much of John Denver's work (who i am also a big fan of too), as well as Bruce Springsteen and many others. Emotion is important in live shows too, theres nothing so boring as seeing an artist just sing and strum on stage with no emotion or excitement whatsoever. Emotion can be anything from "electricity" to sadness to excitement to anything your imaginiation lets you think of.
7) Personality - im sure some will disagree with me on this, but i just can't stand snobby conceeded arrogant artists. I used to be a big Marc Anthony fan until i saw interviews with him, and he acted like such a snob. Genuine artists are the best ones. There is just something about arrogance that turns me off from arrogant musicians music.
Well thats all i can think of for now!
what do you guys say?