Now compare your point of view with the one expressed by mhellmic[1] in this very discussion. 'Rewatchability' sounded to me as something even more vague than 'quality' while reading the article. Also, my pattern for rewatching films differs greatly from both your description for rewatchability and mhellmic's, and from my own pattern for rereading books. I don't see how it can be applied to rating systems with just one additional parameter (the quality thing).

[1]http://news.ycombinator.com/item?id=4417184