Story - is it well written? Does it have good pacing? Does it carry you along smoothly and leave you screaming for more?
Art - what can I say. The pictures. Do they look nice? Do they show character's bodies? Do they have backgrounds? Do they fit the story well?
Music & sounds - are they well chosen? Do they fit the action on-screen? If there are voice actors, do they fit their characters?
Fancy Stuff - Animations, omake, games, quizzes...

The scale is:
* - Lack of said element.
1 - Rock bottom. Replace totally.
2 - Bad. Needs serious work.
3 - Below average. Not really bad but visibly lower.
4 - Average. Good work!
5 - Really well done. Congratulations!
6 - Exellent! Everyone watch and take notes!

And let's not forget the modifiers:
+ - Maybe a little more.
- - Maybe a little less.
= - Just barely.
! - And boy do I mean it! (used only with 1 and 6)

Story: Same as Meagen. Is the story strong? Does it pull me right in and leave me begging for more until I've ripped every hair out of my head? And most important, is it an original plot?
Art: This basically judges the quality of the artwork used. If you're using copied artwork, then instead of judging your art quality, I judge how effective the pictures are in fitting the context of the story. This means that if you write "Sailor Saturn was jumping on a pogo stick" and I see a picture of Sailor Venus on a skateboard, I'll mark you down.
Audio: This is where the music and sounds go. Do they fit the context of the situation? In the case of sounds, are they of at least passable quality?
Extras: This is I rate things such as omake (bonus material), voice acting, and any other little extras you may put in.

Grading Scale:

N/A - Not applicable.
***** - Superior! This is a perfect example of this element in a Kami!
**** - Excellent!
*** - Satisfactory
** - Needs work
* - Beyond help (I use this sparingly - almost nothing is that bad!)

The "1/2" modifier is used for a rating that is inbetween two star ratings.