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Immersive story, sparkling dialog, confident direction, engaging acting, evocative images ... yup, all those are ingredients of a good movie.
But to me those are "just" mechanics. My criteria? If I wake up the next morning thinking about the movie, then I know it's a good one. Maybe I'm wondering why a character chooses a particular course in a drama. The absurdity of a situation in a comedy. A touching, insightful or cutting snippet of dialog. A revealing gesture or expression. If things like this stick to me, I know it's good.
Very close to what Tyler's saying about the "wow" moment, though for me it's not so much a "wow" as a sigh or a laugh or a smug grin ... or having to turn my head when something's hard to watch.
(Great thread by the way. Have enjoyed reading the differing opinions.)
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Scarecrow: I haven't got a brain ... only straw. Dorothy: How can you talk if you haven't got a brain? Scarecrow: I don't know. But some people without brains do an awful lot of talking, don't they? Dorothy: Yes, I guess you're right.