Chemistry between performers — full stop. You can feel it within the first minute whether these two people actually want to be together or are just going through motions. No production budget fixes bad chemistry.
Authentic sound. Overdubbed moaning that doesn't match the action is one of the fastest ways to break immersion. Natural audio, even if it's imperfect, is infinitely better.
For me it's pacing. Videos that rush through everything in two minutes vs ones that actually build — the difference is enormous. Some of the best content is slow in the best possible way.
The scenario matters more to me than the performers. Even an average scene becomes bookmarkable if the premise is interesting. A genuinely compelling setup that I haven't seen a hundred times before.