For me it depends, I would like to say a good plot and the right characters are all it takes, but I have genre preferences, too. I like a bit of everything in something, to be honest. Romantic tension between at least a few characters, really helps. It can still be good if you have really strong connections with the characters even without romance, but romance makes the tension more investing to most people.
The plot has to be gripping, not necessarily the best, but interesting enough that I want to know what's next, and manage to do that constantly to keep me invested the entire story. When it gets too dark, or too comedic, it can kind of make it more difficult to binge, so finding a balance between something more serious and something lighthearted is always a plus for me. Stories that lean too far into one or the other are good, sure, but they just don't usually make my favorites list.
And I guess last, I need a character to hate from it. Weird condition, I know, but usually the hate worthy character is a villain (if it's an annoying side character, I'm dropping it), and villains are kind of meant to be hated. It really makes seeing them defeated more satisfying, and seeing them succeed builds more tension. This is all just my personal opinion, though.
