I think that "bad fic" is totally subjective. I mean, a lot of what I read (and write) and enjoy has absolutely no literary merit. It usually doesn't even have the best characterization (okay, that's mostly just stuff I write). But it puts the characters in cracky/fluffy situations that you would never see on the show and fulfills that bit of "happily ever after" that I do love so much. Plus, it's usually funny, and I do love funny. ;) It makes me happy and puts a smile on my face.

That being said, my number one requirement is grammar. I can deal with one or two mistakes, we're all human, but constant tense shifts, bad grammar, and mixed pronouns is an automatic "no read" for me. I'm also gonna need proper punctuation.

I love an unexpected ending, and situations/plot devices that are different.

I generally read ships that I like, authors who I like, and stuff rec'd to me by friends. I think that awards nominations are excellent reading lists. ;)