In your opinion What is Good Quality Content To Google?
If the goal is to create content that appears to be "quality" but actually is the cheapest possible fake that passes as the real thing, then this is a great question.
To be honest, I haven't the slightest idea.
I think we are all facing a very interesting cross roads.
...(short digression... this reminds me of the Chinese saying "may you live in interesting times)...
Here's my take:
If you believe the latest announcement is more of the usual FUD, then the goal should be to figure out how to create fake quality (just as,for so many years, the goal was to create fake relevance/importance/links).
If you believe Google is
a. telling the truth
b. trying to pay attention to quality, in addition to relevance.
c. beginning to have some limited ability to pull this off
d. going to get better at it, as time passes and a team of really smart people try very hard to figure out the difference between fake content and real content, and the difference between high quality content and average content
...then the smart thing to do is to focus your attention on producing high quality content (rather than focusing on SEO).