Im more on the author side now, but when I did do a lot of hunts, it was usually these parameters:
1) I felt like I walked away with more knowledge on hunts that made me research, than hunts that were just a bunch of codes.
2) I stayed away from hunts that used double encryptions, as its difficult to tell if a clue break was a confirmer or not.
3) Good puzzles have feedback mechanisms, to let you know you're right
4) Bad puzzles rely on "leaps of faith" or too much symbolism to where it becomes a "guess what I'm thinking" game.
5) Ive done BOTG hunts and was successful, but tend to enjoy full armchair because my life is too busy to hop on planes for prizes, regardless of prize size.
6) If I won a hunt with an author, I usually never compete on a future hunt from the same author, however I still buy it to support.
7) I don't work on hunts from people that Ive been teammates with, but like above, I still buy it and support.
8) Like you said, it's for fun and a hobby, but it's a very small community believe it or not.