Mercy- this one's bound to open a can of worms...I can only say for myself, fancy figures are not required- but variety is.
A nice embrace, good relaxed and comfortable connection, musicality I can recognize and work with, a confident and clear lead and willingness to play generally make for a good dance. The willingness to play usually inspires creativity and variation in movement, which I think IS a requirement. Lots of fancy figures do not make up for understanding how to vary tempo and dynamics of simpler figures, even something as "simple" as the walk. A fancy move now and then is nice (which could even be something quite small and tricky) escpically if I dance a lot with the person, but is by no means the way I measure a dance. It more often puts me off.
As one of my main teachers said (and he is a very well know person)- it would be next to impossible to make an entire tanda of walking expressive enough even for him to keep someone thoroughly engaged, but complexity is definitely not the key.
Yesterday in fact I had a dance with a very promising beginner, using only walking, weight changes and side steps, and applying variations in them in physical dynamic and tempo- it was quite a nice dance!
Last week we demo'd a dance using only the first two months of material we use for beginners which includes 2 basic turns, rock steps , outside partner and simple walking syncopations and changes in dynamic or tempo. It was very engaging.