I find favorite points to be a good tool. Like any feedback, you have to consider the details. For example, the first cache of the Alien Highway series has a lot of favorite points. That does not mean the cache itself is anything special, it's just favorited because those people liked getting the numbers doing the series. Many of the older 'historical' caches like the first placed in every state also get favorited more often than they might get otherwise.
But favorites are still a good indication. On our recent trip to Kansas, every cache on our list had at least 6 favorites, most had more than 10. There was not one cache we did where we had a "WTF were they thinking?" moment. We even found the best street sign nano that could ever be placed.
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