I'm one picky son-of-a-bitch when it comes to production.
You and me both, buddy. Production is very important to me, and has prevented me from listening to quite a few bands I might otherwise enjoy. Albums that sound like shit always means it takes longer to delve in and appreciate the music, because my ears are going "What the fuck?" during playback. St. Anger being a prime example.
Essentially, Bryant, production means "how does it sound, and what are the elements in making a CD sound that way?" (or if it's a movie, how does it sound and look). I'm very particular on how I like certain things to sound, such as snares (just ask my drummer, I'm a picky son of a bitch - I like the "Empire" type of snare). I'm also very big on guitar tones, I prefer the ball-dropping heavy, yet not overly distorted (ie. Through the Mirror or Dream Evil). Bass, I really enjoy the tone on Slave to the Grind - that low-mid growl (my bass player has this tone to a "T")
Some productions that I consider the "best of the best" include:
Queensryche - Empire (drums - also throw in Fates Warning Parallels, as it was also done by Jimbo Barton))
Dream Evil - anything (guitar)
Metallica - Black (everything)
Skid Row - Slave to the Grind (everything)
Fozzy - first 2 CDs (drums)
Final Stage - Through the Mirror (not to toot my own horn - bass in particular)
Siam - Prayer
Symphony X - Paradise Lost
Judas Priest - Painkiller
........I could go on and on, but these give a good representation of how I like discs to sound.
For me to enjoy a production, it's got to sound BIG, be well recorded, have the proper tones and a well balanced mix.
If the record has all that, it makes the songs that much easier to listen to and enjoy. Think of a movie or TV show from the 60s, if it looks like shit, it makes watching it much more difficult than if it looks like the Dark Knight.