Measuring things like code quality can be difficult. It's subjective and can be a function of time.
I'd argue that ASP.NET-based applications make this problem worse, as not only is the core language changing dramatically every few years, but new technologies (WPF/Silverlight/XAML, WCF, ASP.NET MVC) that influence your application are coming out all the time.
If you look for best practices on one particular point, that might cause you to toss out a really ideal candidate. I'd worry less about "What do I look for in the code?" and more about "What do I look for in the candidate?"
Here's what I'd hope for:
Are they interested in learning? This is an incredibly important point. If you're providing them with feedback, are they listening? Are they proactively seeking better ways to do things? If the next big technology comes out, can I count on them to ramp up on the API on their own?
Do they have a passion for software development? Are they excited about development? Is this their core competency, or are they more excited about a pay check? Are they doing something in their spare time to keep their skills sharp?
Do they work well without supervision? Will they let themselves get blocked by minor details and miss deliverables, or will they proactively seek to get back on track? If they are given a task, can I count on them to get it done without micromanagement?
If I were looking at the code, my priorities would be:
Is the code they write functionally correct? Does their output actually work and meet all business requirements? Does it do so in a stable way, or does it crash?
Is their code easy to read and maintain? Does the application adapt to changing business requirements well, or are changes impossible without intimate knowledge of the code?
Are they making an effective use of readily-available data structures, or are they reinventing the wheel? If they are reinventing the wheel, do they take my feedback to heart in future deliverables, do they reject my feedback with a well-reasoned argument, or do they continue along the same path?