Good hosting meets your needs, bad hosting doesn't
As to what's good or bad for you depends on what you actually need from your hosting. Many people find free hosting good, many find cheap hosting good, many find hugely overpriced hosting good.
If you're hosting a personal site, then a free or cheap host will be fine for most needs, if you need high availability for an ecommerce solution, then you should expect to invest a decent sum.
The costs involved will generally reflect the value of your site.
Personally, I'd always go with a smaller company as you generally are more important to a small company, to a big company you can become just a user number or line entry on the sales ledger.