Back to the original theme of "what makes a great guitar", I think the criteria are different between an electric and an acoustic guitar. The vast majority of the sound of an electric is from the electronics. The pickups, the type and placement and the values of the pot and tone cap determine the frequency response to a large degree. If you want a guitar that rings a long time, you want things to be rigid. The more vibrational energy lost through the wood, the shorter the sustain unless you supply the energy back to the string. The wood will have some effect, just look at how you can get feedback in a hollow or semihollow guitar. It becomes less of a factor as the wood in a solid body vibrates less. Scale length also has a significant influence on the sound. A strat with a humbucker doesn't sound the same as a LP with the same humbucker. I'm always amazed at the people who rave about old Danelectro/Sears guitars. I thought they were crap when I had one, and still feel the same.
Assuming that you get a guitar that rings well and has the right combination of electronics etc, then you throw in the amp. Princeton, Plexi, Dumble, Rogue transistor amp. That has a massive effect on your sound. A great guitar can sound like crap with a crummy amp. Throw in enough distortion and you probably won't be able to tell the difference between a Squire and a custom shop Fender guitar by the sound.
With an acoustic guitar, you have to make the wood vibrate. That's what creates the sound. The body is there to amplify the sound. Thickness and stiffness of the wood, the bracing and size all change the frequencies that will dominate. If you've ever watch a vibrational analysis of a guitar body, you understand how nodes form as the top vibrates. Finding the proper balance of those nodes will set the voice of the guitar.
Playability is a bit of a personal thing. Most people like a reasonably low action, but I know people who love a baseball bat sized neck, and others that want a slim neck. I like rounded edges on my neck, but I have everything from 7.5 to 12 inch radius necks and I can play them all. I don't like most of the PRS necks that I've played. I almost bought a Carvin until I played it. NOT my cup of tea. My hands aren't big, so a wide flat neck isn't good for me. I'll take a jazz bass neck over a P bass neck, but I like the sound of a P bass which comes from the type of pickup and the placement along the string length.
Balance of a guitar is important. Having neck dive, or too much weight will make a guitar less desirable to me. Comfort is important.
I guess that's why there are so many guitars that some people love and other hate.
It doesn't hurt if the guitar looks great, but that's a personal matter.