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Many factors go into evaluating paint. In general, as paint quality increases, so does the price of paint. Quality paints use higher cost components, which translate into higher product costs. This is not always the case, but it is a strong indicator of quality.
Quality paint will have a high percentage of solids. The more solids, the more dry paint left on the application as the liquid evaporates. A higher concentration of solids will make the paint flow better during application, require fewer coats, splatter less and have better hiding characteristics.
Quality paints will also contain prime pigments that cover better and higher percentages of acrylic binders in latex paints that allow better bonding and higher resistance to cracking.