The best Drupal.org project pages:
link to a demonstration site (theme) or a page/sub-section (for a module's functionality, especially if it's something that incorporates a third-party library like a jQuery plugin)
links to required third-party libraries
if a dev branch for the current version of Drupal exists, it should link to the issue queue where it's being worked on. If the module is superseded by another, it should link directly to that.
uses HTML lists (instead of plain text lists)
doesn't have any "update" or "note" indicators
has very basic installation instructions (omitting how to enable the module, that should just be assumed)
shows a screenshot (especially for a theme)