Glen it basically comes down to a genre by genre breakdown I think. If you're looking for a comedy which should inherently have high rewatchability, if any are rated as low then I can assume I should avoid them. For example, in college my buddies and I alternated watching 40 Year Old Virgin and Grandma's Boy for an entire semester. Neither would have the best quality ratings, but they were fun and sure had high rewatchability.
Now take the other end of the spectrum of film like Black Swan or even some slower paced films. I love 2001 A Space Odyssey but am not rushing to rewatch soon (though it has top quality) because it is way too slooow for me. Or take some dramas that while interesting on first glance don't really merit another watch.
Basically I think you should start with a top down approach by genre, and if something like comedy then the dominant factor is rewatchability but then for others it may be "quality" (which itself could be subdivided further into cinematographic elements for an auteur film, the musical score for a certain type, etc). But I feel like maybe you end up going down a rabbit's hole, so perhaps I'm asking more questions than I'm answering.
Now take the other end of the spectrum of film like Black Swan or even some slower paced films. I love 2001 A Space Odyssey but am not rushing to rewatch soon (though it has top quality) because it is way too slooow for me. Or take some dramas that while interesting on first glance don't really merit another watch.
Basically I think you should start with a top down approach by genre, and if something like comedy then the dominant factor is rewatchability but then for others it may be "quality" (which itself could be subdivided further into cinematographic elements for an auteur film, the musical score for a certain type, etc). But I feel like maybe you end up going down a rabbit's hole, so perhaps I'm asking more questions than I'm answering.