I like a technically proficient story, certainly...grammar and spelling, point of view, overall professionalism -- but those are basics to me; they don't make a story, but they'll break it.

What I look for: TENSION. Conflict. A plot. It doesn't have to be complex, there's no need for a grandiose story arc, but there needs to be some sort of development.

For instance, a woman giving a guy a blowjob, meh. A woman giving a guy a blow behind some racks in a store, hoping they won't be caught, better. The same, and hoping they won't be caught by her husband shopping in the next aisle, excellent. Tension elevates writing from a description to literature.