When I am on the prowl for a new web host the most important thing for me is how much they are going to charge me. I know this can backfire but I always look for the best cheap web hosting deal that I can find because I love a good bargain.
It does not matter to me if I am looking for a web host to host my personal web sites, like this one, or if I am on the lookout for a business hosting company to host my business web sites, price is very important in deciding who I go with.
Obviously money should never be the ONLY reason you go with a certain hosting company, there are other aspects that should come into the equation as well; such as the amount of time they have been in business, uptime, what features they offer and how much space & bandwidth they will allocate to you.
The best piece of advice I can offer when looking for a new web host is to take your time and check out more than a couple. Picking a managed web hosting package is not something that should be done in an hour over lunch.