I break it down into two other things, first...

1) The composition... (is it a great tune, is there a great hook, does it move you?)

2) The arrangement... (does it compliment the tune, does it distract from the song, is it's emotional content the same as the lyrics, does it build and flow in the right places?)

Before you even START recording, those two have to be nailed, otherwise it's an exercise in futility, IMO

Maybe you CAN fix these in the middle of production, but it's much easier if you have these clear in your mind (or pre-demo on the arranger) before you fire up the computer...