someone can have the best quality equipment, amazing editing, jokes etc. but if I don't get anything from it I wouldn't class it as good content. may be quality, but for me, not good.
yet someone may have the worse mic ever, a dog barking in the BG, some MS paint drawings and forget to cut the last 15 seconds of black from the end of the vid, and if I gain something from it, A laugh, some gameplay I wanted, something new, or interesting, then it is good content. Maybe not high quality like the first example, but it doesn't stop me from calling it a good video.