Well, there are two criteria that I measure an arrow against.
1) does it wag like a happy dog's tail at dinner time? If so, we got ourselves a spine issue that needs resolution. If it is too stiff of a spine, I can add a heavier point, or sand the shaft to lighten spine. If it is too light, I may have to shorten the arrow (if possible), or relegate that arrow to being shot from a lighter bow.
2) does it stand in the target with the rest of the set, or is it a "flyer". Every once in a while I get a maverick arrow that won't group. Since I number my arrows in a set, this is fairly easy to spot. These arrows often get "sacrificed" by shooting at a rock.
Arrows that "porpoise" up and down are simply nocking issues and not the arrow's fault. Arrows have a very limited number of problems. Likewise, there are a limited number of solutions. The archer and subsequent quality of his/her release is quite another issue.