Here's a pretty good YouTube video I've found that explains what separates the great rappers from the average rappers.
IMHO, the mark of a truly great rapper is the ability to become an instrument on the track while still communicating a great deal in a small number of words. Flow and presence are as important as lyrics and rhyme schemes, and a great rapper is one who has at least 3 out of those 4 qualities at a high level, with the 4th not bad enough to detract from the others.