I think that there are total differences in editing.
There's the kind of editing that makes a video look all cool and insane looking (with black and white filters, aged film effects, etc.). Pretty much this is just eye candy.
And then there's the kind of editing that simply lets a magic video, or any video for that matter, flow. This, as Steerpike touched on, could be as simple as having a nice entrance into the video, and a nice exit for the video. These are usually the essentials to making a nice video. Nobody really enjoys it when a video stops right in the middle of a frame, now do they?
On a more personal note, I find good editing to be just the essentials - nice transitions, nice entrances and exits, etc. However, I always love to see all of that sick editing with crazy flashing frames and fast cuts (video-wise) - as long as it does not bring down the entire purpose of the video. What I mean is that I wouldn't much like to see a video that is so crazy I completely forget or can't see what the effect is that is being performed.
I'm always seeing great editing (a lot of it can be here on Theory11 itself), so there's too much out there to point out one thing in particular. Maybe it can turn out to be yours down the line... who knows?? Good luck!