I rate a game based on two scenarios ;
1 - If I remember the game from my childhood, no matter what the title - I rate it. Purely for sentimental reasons. A good example would be Williams "Honey", Williams "Smart Set", Gottlieb "Super Score", Williams "Winner". Not great players, but I remember them from when I was young. Again - NIB games that I opened as a child - KISS, Paragon, Space Invaders.. Games from MY history. They mean a lot to me.
2 - Theme, playability and rare. I don't mean cookie cutter "rare" - I mean they are games that are near impossible to find. Stern "Freefall", Bally "Viking", Bally "Embryon", GTB "Spirit". These games are mostly from my favorite era - the "golden years" of 1977 - 1982. My collection features most of the games (I want) from Bally, Stern and Gottlieb in this period. Playable titles include Paragon, Fathom, Medusa .. the list goes on.
I don't rate many DMDs. Most need the flashing lights and animation to make them playable. I still enjoy Addams Family as much as the first time I played it. Cirqus Voltaire is still the most playable DMD - daylight - Then Scared Stiff and Terminator 3. I'm not into the "rules" of DMDs. Pinball is not meant to be like Chess. I like the physics of the games. A ball smashing through pop bumpers is more exciting and appealing to me. I suppose most of us "old farts" think alike.
I lean more towards games that have sentimental value. The rare ones are just the icing on the cake.