Quality racing

I have been following some discussions over the past few years or so and have decided to ask the following questions.

What is "Quality Racing"?

What does this term actually mean?

Does "Quality Racing" mean racing with the:

best and/or most expensive blood stock;

best prize money in metropolitan racing, provincial racing or country racing;

best and/or most expensive trainers;

best race clubs and/or tracks;

best racing available for owners;

best breed racehorses;

best race day sponsorships;

best product for the TAB;

best product for SKY channel broadcasts;

best attendances at race tracks;

best betting for punters, on course and/or off course;

best at raising a sizeable dividend for state governments;

best administered and/or managed race meeting;

biggest race fields;

a combination of two or more of the above; or
some other possibility?

The term 'Quality Racing' is used by racing and race club administrators, owners, trainers, punters, media, jockeys, etc.

There is an assumption that all or most participants in thoroughbred racing understand and agree what is meant by 'quality racing'.

What is your definition of 'quality racing'?