For me it's about playing music I want to play with people I want to play it with.
So I have to get on well with them - at least be able to not throttle them after a few hours in their company.
And I have to enjoy both the way, and what, they play; imagination is more important to me than outright ability though I prefer someone who can play a bit!
Not really worried about money - it's primarily about the music for me. Which means very few, if any, covers, and then they're done as an interpretation rather than outright copy. I was speaking to a free-improvisational jazz drummer the other day about pleasing the audience and he said "f*%* 'em! It's about the music - It's inside of me and has to come out! If the audience enjoys it, great, but if not they know what they can do." I sort of think that too - for him it's possibly easier as he's seriously good and has played with all sorts of jazz luminaries - jazzers actually want what's inside of him!
Gig-wise - no more than 1, possibly 2, a month (though my current band have broken that already!). I'd prefer to do 3 or 4 gigs then do some heavy rehearsing/jamming to make existing songs better and produce more new material. I gave up thinking I could make a living out of music 20 years ago...