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).
For adults, this might be true, but for kids, i'm not so sure.
If you've got kids, you know they'll just watch the same flashy animated movies over and over again, even if their opinion of the content is "meh".
What would probably happen is that family films, especially animated ones, would have skewed results.
Kids of that age (that watch the same "flash animated movies" over and over again) seldom buy/rent movies themselves.
Plus, they do not normally use online rating systems...
So rewatchability roughly translates to "emotional connection + quality".