A working sense of music theory never hurt anyone. Knowing your instrument very well is key. You should be able to be told what key the song is in and AT LEAST play the roots. Keeping in meter is also VERY essentail to being a "good bass player"
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I've always thought about the 3 P's
PITCH - hitting the right note
POCKET - at the right time with ...
PASSION
But those are also what makes a good musician, no matter what their instrument.

The ability to read, (sheet music, that is) whether your rusty or not.
Working knowledge of music theory.
The ability to not have a huge-ass ego.
Know not just what to play, but also know when not to play (Not styles or genres, think tastefulness for this one).
Don't be an A-hole to other musicians, or others as well, people. (well this may be related outside of just bass players).
Knowing that the volume knob also turns to the left, not just the right.(Though someone needs to tell this to many guitarists I know).
But you get the idea, but If you don't, you have alot to learn
/Jason
Don't agree...
I believe good timing, a decent sense of rhythm and a good ear.
There are a lot of great bass players who can't read a note and know nothing about theory.
1) A complete knowledge of music theory and the ability to sight read. It doesn't matter if you can play complex songs with changing time signatures if you can't recognize said changes when written or even know what a fugue is.
2) Achieve non-"A-hole" self concept, while maintaining that those who can't read music can't possibly be a good bassist.
(Yeah I can read music, just can't stand pretension.)
What do you think or what qualities do you think make a good bass player?
I think being able to make up good and catchy bass lines and runs is one thing that makes a good bass player.
the ability to form a bond with a drummer, and the whole band.
knowing your place, when to step out and when to step back and hold it down.
the ability to find the kick drum and ride it out when someone train wrecks a song.
understanding and applying the statement "less is more"
in my opinion it's rare to see a great bass player, you feel and hear them.
you'll know in the first 5 seconds you hear them whether they can play or not.