Recognizing "Good Writing"

A bit ago, I got asked to do my standard rant on this. I put it off 'til the book was done, but it's done now. So here's the short form:

Read a story. Does it work?

Yes? Then it's good.

The problem with the term "good writing" is that it assumes there is an agreed-upon standard, to which everything can be compared. If a piece of writing measures up, it's "good;" if it doesn't, it isn't. Unfortunately, about fifteen minutes' worth of open-minded examination of great literature ought to be enough ...