Just because fic is bad doesn't mean I won't love it, lol. But yeah, I certainly wouldn't put much stock in anything I have to say about "good" or "bad" fic. :p

But (just because I couldn't keep my mouth shut if my life depended on it) I think that judging fic is just like judging any other form of literature. Is it compelling? Does it tell a good story? Can I empathize with the characters? Is it easy to read (format/grammar/content/etc)?