I agree with these definitions. For some reason, most of the films I really like to watch over and over again are actually not the films I'd say are the highest in quality.

e.g. I'd consider The Shawshank Redemption to be a high quality movie, but I have no particular desire to watch it again (even though I enjoyed it). On the other hand I can't watch enough of Big Trouble in Little China even if it's a cheesy movie.

Some of my favorites though have both qualities, e.g. Blade Runner.