It seems to me that any given work can be hastily generalized into three categories that make it up: story/plot; characters; presentation; which collectively make up its execution. ‘Presentation’ itself is also another generalization that encompasses what I feel is the workman or craftsman aspect of a work you enjoy. The direction, effects, music, acting, etc.
A work can have a good or interesting story but be beset by its characters & presentation. I think a good current example of this is Bakuman. The other extreme is a show that has an amazing presentation with regards to effects & music but doesn’t seem to deliver a story that can be enjoyed by the majority or is perhaps too obtuse, Star Driver. To round off this trifecta, fill in any 'Slice of Life’ type anime you can think of whose characters you have a dear affection for, but has no plot to speak of nor is ambitious in terms of presentation (or perhaps a 'Moe’ anime if we’re to use a pertinent contemporary example).
I’ll admit that this is still completely nebulous, but it set me to thinking about how we can enjoy a certain work while not enjoying others without completely understanding why. If you have two works of comparable merit, but enjoy one more than the other, it can potentially speak to a latent bias one has with regards to the consumption of their media.
Now, I’ll give that the execution of a work may not necessarily correlate with one’s entertainment value derived from it, but I think that deconstructing something along these lines can serve as an interesting way to see how we approach what we consume in a summarily analytical fashion.