Quality

Default (for items without special names, as below): poor, inferior, decent, fine, perfect

Weapons: crude, rough, decent, fine, masterwork

Arrows: curved, rough, decent, fine, superior

Clothing: crude, rough, decent, fine, masterwork

Containers: leaky, rough, decent, fine, beautiful

Food: awful, bland, decent, tasty, delicious

Fresh animal skin and Fur : ragged, harsh, decent, fine, superior

(A "decent" quality item will not show its quality in the item name.) The highest grade is worth 1.5 the price of decent. Fine is worth 1.25, rough 0.5. The lowest grade is not accepted for trades.

Source: Sami at this topic http://z3.invisionfree.com/UrW_forum/index.php?showtopic=2877#entry22016005