Let me begin by showing what I would categorise as 'neat', one step up from regular fbs. Neat fbs are in booklet form but the cover is either kept undecorated, or decoration is very minimal. Usually stapled, but sometimes held together by ribbons. Sometimes they are taped (covered with plastic), sometimes they aren't.
Next category are the nice and neat. They are in booklet form, with decorated cover. There usually have at least two to three layers of decoration. The cover of the fb is one layer, the picture a second and any additional decoration (glitter, confetti, border stickers, ribbons etc) a third. They are taped and they can either be stapled, held together with ribbons, or eyelets.
The next category is an awkward one. The lines are very foggy. Most swappers don't see a category between High Quality and N&N but I (being OCD) have one. I call those fbs high neat. They are more decorated than N&N but still not HQ. Again, booklet form, taped, at least three layers of decoration, may be held together by staples, ribbons or eyelets. The majority of people does not see that category; they consider anything more complex than N&N to be High Quality. Also, two different people may have different opinions on what the same fb is, depending on their decorative style and personal ability.
Next category is High Quality. We're talking about taped fbs in booklet form, pages strictly tied by ribbons or eyelets. No staples in HQ fbs. Also, the decoration is at least four plus layers of material, including mulberry flowers, different papers, border stickers, ribbons and so on.
(Sometimes I see fbs that the owner has decorated the cover enough to cater for HQ but has used staples. Personally I have no problem with staples, but all the yahoo! groups that swap HQ fbs do. Any objections should be discussed with them and not with me. :D)
Heyyyy! Wait, don't go yet. There is one more category in the game, what I call VERY High Quality. Those ones are created by lunatics like me. Take the definition of HQ and take the madness one step further.
Some of them have six or more layers of material. People are crazy. I am crazy, too, but it's harmless, and they are like little works of art. You really have to admire that.
All fbs shown here are taken from swaps I received recently. None of them is something I have made.
Usually to avoid arguing with my swappers on what is or what isn't HQ and why I just make sure to match their swaps in quality and quantity. This pretty much keeps everyone happy and me away from pointless argumentation. :)