I don't believe it is possible for a story, or any art for that matter, to be good or bad. There are many aspects that can be critiqued, even in a relatively objective manner, but I think the most important quality of a story is its impact on the reader. I believe that what that impact will be is primarily determined by the story's context in the reader's own experience. Not just in their own life but in the other things they have read.

Everyone has their own expectations of what the story will be like and what they want to get out of it. Whether it is humor, drama, action, or anything else, how it affects the audience will vary from person to person. We all assign different levels of importance to various elements of the story, the writing, the style, the presentation, etc. All of this is part of the reader's identity and since we are all different, the story is a unique experience for each reader.

Ultimately, I think whether or not you like a story, and especially whether you count it among your favorites, says more about you than it does the story. That's why I've spent so much time pruning my favorites list. It is a process of self-identification. It's also why I wish I could search for all the stories I've read, to put it in context. And why I wish there was some distinction between tracked stories and favorites.