Just because music preferences are personal and subjective, that doesn't mean that there isn't value in critiquing and/or expressing your thoughts on WHY you do or don't like something. There are plenty of bands that fail on all three levels you mentioned...yes, of course individuals may disagree to that effect, but I think there are definitely some solid criteria to consider when evaluating music.
It is absolutely possible to evaluate music in a fairly objective manner...I can appreciate the worth/value in music, a song, or a particular band, even if they don't speak to me or my tastes personally. A person's thoughts on why a band is not particularly "good" can be pretty compelling if you ask me. But, you didn't I know.