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Startup HELP! What do you look for in a hosting service?

I guess this post is geared toward startups, DevOps and R&D type organizations who are more often than not on a tighter budget than large companies when it comes to hosting solutions. Of course, all input is greatly appreciated.I'm trying to figure out what factors weigh the most when choosing a data hosting provider. I understand that this is a very complex issue but I want to try and boil it down to its very basics.What do you guys look for when it comes to hardware hosting solutions? When do you reach the point where you think you're "paying too much"? What specific features/services/etc are you looking for and are most important (generally speaking)? Conversely, what makes you shy away from a particular data hosting provider? What kinds of things are you not tolerant of?I know this is a very broad question but any input you guys have would be great.
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For our business model this solution would work for us. Also they are lowering their prices April 1st
1- Regular Server Monitoring
2- Security
3- Running security audits
4- Spam filtering
5- Virus scanning
6- Software firewall configuration
7- Regular OS updates
8- Managed Data Storage
9- Well Managed Database
10- Backups
11- Customized to Meet Your Needs
12- Affordable Operating Costs
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