Build quality, performance and efficiency.
The former dictates how much noise it makes and how reliable (most important point!!) the drives are.
Performance can be seen in the RPM of the drive, cache size, number of platters and the technologies used. Much like performance of any other component, you can't just look at paper stats, not all 7200RPM drives with 32MB cache will perform the same for instance.
Efficiency is how much power the drive uses. Really this isn't so important for most users, only if you are getting the drive for a notebook should you be too bothered about it