Light guides definitely, especially on light equipment. The heavier the guides the more it dampens the blank action, but there reaches a point where you cannot get any lighter and still have hard enough guides. Also single foot guides, where they are strong enough, reduce the amount of wrapping needed which can also dampen a blank's natural action, although they are not strong enough for all kinds of applications. Additionally some lines are "sharper" than others and require harder guides.
The ability to handle the weight of the lines and baits or lure you are using is a primary consideration. That is the ultimate bottom line, not just feel for bites, but how it casts and how it fights fish once you hook them. IOW how it balances with the rest of the presentation.
Personally I also find that decorative windings distract me from fishing. I want as plain a rod as possible, regardless of the quality. For me you can put the decorations in a museum; at times I will actually remove decals from what I fish with. I always remove that "made in China" sticker.
All the technical stuff aside, the best rod is the one you catch the most fish on. Quite honestly, it doesn't have to be a $300 or even a $50 rod. I caught most of my fish this past year on rods that cost me as little as $5.00; none of my summer rods cost me more than $20. I pick them pretty carefully, since most everything at that price level is junk, but not all of it is. My buddy's main rod cost him nothing. I fished that one out through the ice two winters ago and gave it to him, and it was a cheap stick to begin with. He has become a master using it with the little jigs not only for crappies, but also for some very nice oversized fish.
One of the things that expensive rods can do is show you what to look for in the bargain rack.
It really does boil down to what you catch fish with. That is your best rod. You pick that one through experience.
To start out there is probably no better advice than to talk to one who customizes rods for all kinds of different personal use, and there aren't many anywhere as experienced or do a better job of that than Lonnie in the Thorne brothers rod shop. Then fish and fish and fish to find out exactly what you personally need b]and like[/b]. If you don't like fishing with it, it makes no difference what kind of quality a rod has, because you won't use it enough to appreciate the quality.