I think it depends on what you're doing. For normal, average use howlin pretty much said all there is to say. If you're shooting for extreme accuracy, at extreme range or match shooting the brass that weighs and measures the most consistently is better. Primer pockets, flash holes and necks can be trued but that adds steps so the brass most consistent in those regards saves time. After that long life has its importance.
Good brass: almost the exact same internal volume as 98% of all other cases for that cartridge. No stress risers that will cause early case failure. Case walls of nominal thickness.
Bad brass: very different internal volume that standard. Sharp internal angles that cause early failure. Extremely thin or thick case walls. Improperly hardened or annealed cases. Steel or aluminum construction.
I agree with Howlingmad, treatment has a lot to do with the life of the brass, but although the cases are all manufactured to a standard, not every company runs to the high end of the standard.
When I was in manufacturing Motorola was a very big account for us. Quality was first, Motorola had a quality standard of one part per million was acceptable, two parts the entire lot was rejected. You can bet we, as a company worked as hard as possible to maintain a perfect score. When I left the company we were running in our fifth year with no rejects.
As I have said in the past if the company, making ammo has a few bad rounds, it is cheaper to send out replacement rounds than to tighten the quality specs. Given the amount of ammo produced from any company, the cost savings of a few tenths of a cent per thousand may end up as a lot of money.
Nowadays I think for the large part any ammo is OK, just don't overwork or over anneal and round.