What do you look for in a guitar? How well it plays (Action, neck profiles, etc), sound, weight, finish? Leave price out of the equation. Why do you love your favorite guitar, and why do you hate others? Feel free to be very picky and detailed in your answers.
First, a guitar has to feel good in my hand.

(Well, in all honesty first, I have to like its appearance enough to pick it up. THEN it has to feel good in my hands. But I'm willing to try any guitar you put in my hands, and even if i think it is ugly, if it feels good in my hands, it passes this stage.)

Second, it has to sound good. A guitar, first and foremost, is a tool for making music. If it can't deliver a tone I like, it is useless to me.

Third, it has to be well made. A guitar that feels good and sounds good but is poorly made will not have anything resembling a decent window of usefulness.

Fourth, it has to be reasonably priced. This is just as subjective as the first two criteria. There are features I am willing to pay a lot for, and some I am not. The names on the headstock- brand or artist's sig- are not worth a big premium to me: I may buy a guitar with a famous name on it, but I won't pay too much extra for it. I will pay extra money for visual aesthetics or exotic materials that serve a function.
Quote by W4RP1G

Damnit, came here to leave this exact post.
First and foremost is comfort. That's why I don't like les Pauls or telecaster. Because I like the contours of strats.

Second is Sound. It doesn't matter if it feels great if it sounds awful

Third is brand. I know this is superficial. But it says something about the craftsmanship. I don't buy cheap brands because their made like cheap guitars.

Fourth is price. I don't like to spend ridiculous amounts of money on guitars that I'm gonna play and be rough with.

Fifth is mojo. If it has no soul all its gonna be is a fancy wall hanger

Sixth and last is finish. I have certain colors I'll buy. I won't stray from those choices but I really don't care which one it is. I'll only buy black white or sunburst, with chrome hardware.
Feel and tone.

Unfortunately the way it looks does have some part to play but if I played a Pink Hello Kitty Squier and it sounded amazing I'd happily play it at home and record with it.
Quote by Shredwizard445
Go ahead and spend your money, I don't care. It won't make you sound better.

Quote by Shredwizard445
Sure upgrading your gear will make you sound better.

...and then you'd have to whip it out on your second world tour because of all the complaints about how your live tone on the first world tour didn't match your recordings...

Sturgeon's 2nd Law, a.k.a. Sturgeon's Revelation: “Ninety percent of everything is crap.”

Why, yes, I am a lawyer- thanks for asking!

Log off and play yer guitar!

Strap on, tune up, rock out!