Is it still a good hack..?

So just an in-depth change in dialogue text and characters would be preferable over say a little change in all the other categories? Or would something like a dialogue rewrite, character role change and some misc other item/spell/text changes prove to be "a better" hack over a hack that just changes a category or two alone? (ie graphics/characters)

That is a good question. I think if the hacker can come up with originality it will make his hack truly unique and appealing. And with originality comes often new music, new events and rewritten dialogues. Now the deepness level of the changes could vary depending of the free time of the hacker and if he plans to work weeks, months or years on his hack.

So what you're saying here is the label put on the hack "complete" or "improvement" as it were is a better indication on what to expect from the level of changes made to the game?

Well the label could be a good indication start but "complete", "improvement" or "rebalance" can't reflect at 100% the quality of the hack. And you can have quality (or good) hacks in every category.