"Quality' is MUCH more than just fine materials and close tolerances. It is difficult to actually define, but some 'BEST' guns have an overall feel and delight in handling that surpasses mere mechanical excellence. Among the top makers, some guns just 'have it' and some don't. I have handled some guns from quite ordinary makers that have a real nice quality feel to them - and I have handled a few guns from 'the top rank of makers' that just don't feel quality (for me anyway).
Its about balance, handling, feel of the moving parts. When all of those are right (and in an older gun, condition will play a part) - the 'quality shines'.