Looking at what made the worship songs of the past great, I see two common themes: A remembrance and reminder of what God has done and who He is, and a personal emotional response. These songs that we see in Scripture are indeed great, as every time I read them I am moved to worship.
A great worship song communicates truth about who God is and what He is done and allows time for an emotional response to those things. A great worship song speaks clearly about what it is that is intended to be worshiped and offers universal words used to worship. It is narrow enough to speak of who we are worshiping, but broad enough to let every person of every walk of life worship through it.