As you mentioned GAGE, I am actually concerned with this evaluation. For small genomes, the authors intentionally mix 50% of short-insert reads and 50% of long-insert reads by thinning the source data. When assembling, they largely treat the two types of reads the same apart from orientation and insert size. If the assembler does not consider the exceptionally high chimeric rate of long-insert reads, the performance will be very bad, as is shown in the table. However, in practice, short-insert reads are cheaper and of much better quality than long-insert. An better approach would be to sequence more short-insert reads, assemble them first and then only use long-insert to build scaffolds. As such, GAGE might only be evaluating a scenario that may not represent the best practice.
Assemblathon 1/2 is truly amazing which I like a lot.
'Quality' can be a very subjective thing. The Assemblathons, as well as contests like GAGE and dnGASP, seem to indicate that assemblies can be high quality in a few areas of interest, but it is hard to make an assembly that excels in all aspects of quality. If you are only interested in one aspect of assembly quality, e.g. finding genes in a genome assembly, then it may not matter whether scaffolds are really long (e.g. > 10 Mbp), only that scaffolds mostly contain whole genes.
N50 can tell you something about the average length of scaffolds and/or contigs. It is meaningless to compare the N50 values of any two assemblies unless they are the same size. It is also possible to artificially raise N50 by deliberately excluding short contigs/scaffolds and/or increasing the padding of Ns within scaffolds. One of the figures we include in the Assemblathon 2 paper suggests that N50 can be a semi-useful predictor of assembly quality. Some of the most highly-ranked assemblies had high N50 values...but not all of them did, and some which had high N50 values did not rank as highly.
To give you a succinct, but somewhat disappointing, answer to your question, I would say:
There is no magic formula.
Lately I have been following the methods listed here: