Mark Lewis of ESPN Hoopgurlz has written an excellent article regarding what college coaches are looking for in players.   While the article is written about women's basketball, everything he mentions in the article pertains equally to men's basketball as well.

He lists three "basics" that coaches will initially look at in defining a player's potential: size, athleticism and skills.  He also lists other intangible things that go into recruiting decisions such as position, class, academics, heart, attitude, court instincts, recruiting politics and bad recommendations.

In my opinion there are four areas that a recruiter/college coach will ultimately look at to make their evaluations.  These aren't in any particular order as all are important.

1. Athleticism   I would combine size and athleticism into one category here.

2. Basketball skills 
 
3. Competitiveness  I would combine heart and attitude into one category here.

4. Basketball Knowledge   Having a feel for the game and the ability to learn concepts is important here.  A player that never understands the game ends up hurting his team.

The great players are good at all four areas. 

Many coaches will tend to look at the athleticism component as the most important, thinking they can develop the other areas.  Trust me, I've seen plenty of players with competiiveness and basketball knowledge dominate players that are just athletic.  If you recall the recent article about toughness in a player, they have traits 3 and 4.

The remainder of the well written article by Mark Lewis may be viewed here:

COLLEGE COACHES SEEK FUNDAMENTAL PLAYERS