Who will and will not survive and who may be buying the currently successful Internet retailers. A year from now who do you suspect will lead the e-commerce pack. Of particular interest to me is Onsale, a stock on your current list and one you have commented favorable on in the past. The first is a customer database, real buyers who have bought something from them and therefore the firm has the necessary data points to establish a relationship with this customer over time. Those data points are basic name, address, e-mail but also the actual product that person bought, for how much and how many times they bought.
Brand is also important, if one has been established.
Technology for the e-tail space is also important but I haven't seen any Internet technology that cannot be duplicated. Technology is more important to me in software or hardware, not in services like e-tail. Lastly, the most valuable asset an e-tailer or any Internet company has, other than customers, is its people, its employees who make it all happen, who put in the long hours, who are the value of the enterprise. It's difficult to find talented Internet people, they are a scarce resource. They ultimately make any company in the Web space.