From Book review: “Elsewhere’’ by Richard Russo - Books - The Boston Globe: "the requirements of good storytelling are harsh: three-dimensional characters, a strong sense of place, and the accumulation of specific sensory detail. "
I think that's a useful list, but I must add that all of those things are extremely subjective, and sometimes what's wanted are archetypes, a place that could be anywhere, and the unrelenting storytelling push of dialogue and action.