User friendly site with fine unique content. Good design and proper navigation. Overall a user friendly site. No broken links and doorway pages or cloaking. Well defined meta tags. I am not very sure about this point but probably with minimal ads to start with...
Yeah, basically... A few more things go into it, but that's just about right. What are you trying to accomplish? Backlinks?
Traffic and quality content and PR - however search engines recognizes directories ( example PHPLD ) and that links are not really helpfull . That's why websites based on different scripts are more powerfull even ranked a bit worse.