For me it's a strong story line with memorable, consistant characters, and good pacing.
I agree with Mistress Valerie: that following the rules of grammer is vitally important to any story. Vocabulary, punctuation and spelling are critical. A good writer must understand the difference between a comma, a colon and a semi-colon and how to use each properly. The use of ems and italics will help emphasize your flow of words and meaning.
Unfortunately, in any web translation of a story, added space between paragraphs is needed. Normally, line spaces are only used to seperate moments in time, but here, added spaces are necessary to avoid eye fatigue.
The choice of font and font size are also important. Personally, I hate Times New Roman, and opt to use a more intelligible one like Verdana. But keep in mind that the font size relates to how large a story you can post.
As most sites (like TT) limit the size of your story, a larger font will preclude lengh. As a rule of thumb, I limit my word count to six thousand words, using twelve-point Verdana. If your stories are lengthy, you will need to post them in installments.
Editing is critical to ensure idea and verbal flow. Followed by more editing, and still more editing. For me, editing is one of the most enjoyable aspects of writing. As a classical pianist, I know that practice is everything; the same applies to writing. I look back at my early attemps at writing and cringe. It's a learning process, and again, practice is everything.
Of course, a fertile imagination is essential to a story. You have to offer your readers something new and unique. A simple tickling scenario can be repetitiious and boringly predictable.
Lastly, you need to write about something that arouses you personally. How can you ever expect to titilate your readers if it doesn't turn you on to begin with? Maybe they won't share your particular interest, but then you can't please everyone; don't even try. Always write to please yourself first!
Luckycat.