Distinguishing between shorts and features

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As in what particular criteria do you use to make the distinction and if there's some consensus to which we should adhere.

Personally, I've gravitated towards the Academy's rule that the 40-minute mark is what separates a short from a feature (the former being under, the latter being over), but I'm just wondering how widely-accepted that particular number is or if there's some conjecture on the matter.
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Definitely hard to draw a hard line. Very much a "know it when I see it" thing. But the Academy line of 40 minutes is really good, I think. The more I think about it, the more that feels right. To actually answer your question, I think that feels right because anything shorter needs a condensed structure and anything longer can let its acts and developments "breathe" in a way similar (if a little tighter) to most multi-hour features. Less than 40 minutes, you get to the point where you need a fundamental restructuring to hit the same points in a natural way.