1. Good course - I prefer above all else to play a good course in a well organized competitive environment.
2. Well Organized - I'd include good communication such as having good course maps and rules, a board and clock with updates and schedule changes, and punctuality. Every possible OB should be covered. The easiest way to cover this is to have general course rules be primary and hole by hole instructions be supplemental. For instance, at Pickard the rule of thumb is that if the tee and the pin are on the same side of the creek then in the creek and beyond is OB. Generally that comes into play on 8 and 16 and the exception is on 14. But it can come into play on 11,12,13,15, and 17. It's a lot less likely, but it's easy to overlook.
3. Speed - This sort of falls into category 2, but this gets overlooked. There are very few tournaments that are known for being quick, however there are many that are known for taking forever such as Hickory Hills. I'm not sure why we always start at 10. I'd like to see more tournaments start around 9 or 930. If it's a 2-day then 10 is fine on Sat, but maybe even 8 or 9 on Sunday. Then of course being punctual with starting time, followed by having enough holes to make for smaller groups (or multiple courses).
4. Perks - Player's packs, added cash, lunches, player's party, golf carts, etc... These things are nice especially in conjunction with a well run tournament, but this shouldn't make up for oversights above. The most frustrating thing in the world is hearing that you have to put up with deficiencies because the money is so good. 2 and 3 are far and away the easiest things to do while raising money and organizing the perks is way tougher.
Less changes - the most successful tournament in the world plays the exact same layout 4 days in a row. Moving pins is way overrated. There are far too few tournaments where you get a revenge round on the same layout. Don't overthink something that works. I hope that every time I go to West Lake whether I'm just stopping through or there for a tournament I get the same layout. Also, consistency from year to year is a nice thing especially if people like it. There are many flaws at Madrid, but it never changed and you knew exactly what you were going to get from year to year.