Google will also at least drop you in the SERPs if they feel your site has flimsy content and is only made to earn money, see the BANs fiasco of a while back.
It appears that Google is leaning more and more towards sites that have quality content and add value. I guess it would be easier to say what Google likes than what it doesn't like. Oh, and make sure that your Privacy Policy and TOS are also in line with their requirements.
And you can also get sandboxed if you pump out too many links too soon for a new site, like using article submitting services too soon, and too much.
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