To judge cut properly, you really need to see the diamond in person. Diamonds are cut so that the facets reflect and scatter light to make the sparkle effect called fire. A good cut can make a poor quality diamond look better, and a poor cut can kill the life of any diamond, regardless of its other qualities.
Several factors are used to judge the quality of a stone's cut. Facets should be evenly spaced and sized, and should be set to the proper angles. Both the crown and pavilion should be of the proper depth. The girdle should not be too thick, or too thin. The edges of the facets should be sharp.
For those of you who do not want to spend a great deal of time analyzing each facet of the stone, there is a good rule of thumb. When you look into the stone from the top (through the table) the less you can see of whatever is behind the stone, the better the cut. The object of the game when faceting stones is to trap as much light as possible and reflect it back out through the crown.
Most diamonds have a Good or Fair cut. A few are poorly cut, and tend to be dull and lifeless. Very few have an Excellent cut, and are usually priced accordingly.