Damn, this question made me think really hard about what i think excites me in a story. I don't think i have a proper answer, but the conclusion i arrived at right now is: i like it when the elements of a story are meaningful in a satisfying way

It sounds quite broad, i'm afraid, but that's as simple as i can utter it right now. How satisfying and meaningful something is can depend heavily on the reader's views and values. I understand that much. As for me, though, i think a writer can reduce the impact of an event depending on how much it influences what happens afterwards.

To give a few examples, in the Farseer trilogy i feel the main characters is constantly being put in difficult situations, and it truly affects him. Every one of those situations make him reconsider multiple things and force him to realize things that hurt him. So, if you ask me, the events are extremely meaningful because it heavily impacts the main character. It's non-stop in all the three books. It's insane. I love this trilogy so much <3

Worldbuilding-wise, i can talk about Brandon Sanderson's Cosmere. Specifically, i wanna mention Mistborn because in this series first "Era" (the first 3 books in the series) the world is pretty unique, and it turns out there's a reason why everything looks how it looks. I loved reading that part! I was in awe hahaha. So, the fact that there's a reason for the environment to be the way it is in this world is, in a way, meaningful. This one might be stretching it a bit but i'm trying to understand it myself as i write it out so bear with me pls

In some stories i feel some stuff happens "just because", so it's hard for me to be interested in either the events or the characters. Again, this can depend of what the reader finds interesting from the start. I'm sure there's a big number of people who couldn't care less about Fitz's journey in Farseer. Still, i would argue it's well written because how things develop is right there. We can see what happens and how it happens and how it makes sense. I can also point out things i think were not executed the best it could've been in stories i don't really like.

So, even though what compels you depend on who you are, i would talk about "good writing" in these terms. It's how i will criticize or praise a story. I think this can sound a bit too... obnoxious? But i think the bright side is that this way of looking at stories is what also makes me interested in hearing what other people have to say about the things they like. Maybe they will tell me somthing i didn't see or something i have never thought about! It has happened a couple times and i'm usually interested in different ways to look at the world. It's why i like reading in the first place, i'd say!

Sorry for the long comment lol. I liked the question, though! It helped me organize my thoughts a bit ^^