I think one of the best things about music as a pasttime it isn't competitive and furthermore competiveness rarely benefits it - it's all about working in 'harmony' with other musicians.
The strange thing about bass technique is it isn't at all obvious to the average listener which bassists have excellent technique and which don't. You may say, "pah, it's obvious that so-and-so who can two handed tap and slap like a maniac has better technique than that bloke in AC/DC" but actually the converse is often true. Yes there are 'advanced' (read: flash) techniques that can be used on the bass (and sometimes they're even used well!) but they are rarely as effective as techniques like excellent muting, control of note length, ability to play around the beat.
That's not to say that those with all the flash (Mr Wooten for one) can't do that other subtler 'deeper' stuff because many of them can. But you do get the bedroom bassists that miss the point because they haven't got sufficiently involved in an ensemble.
Then there's stuff like your ear - how quickly you can pick things up, how you can identify harmony, how you can decipher intricate grooves, etc. I know I'm not good enough at some of that to play jazz well (if at all!) but in genres in which I'm more comfortable I'm not bad - but I've still a long way to go.
Returning to the technique thing, I have an excess of technique for most of the stuff I want to play yet I still don't have enough 'technique headroom' to always be within my abilities once the chaos of the live environment is thrown in. I can't tap and my slapping is pretty rudimentary but my fingers are fairly fast and I do have a whole pile of chordal strumming, thumb plucking and other esoteric techniques which are an important part of my playing, my writing and thus the sound of my band.
I don't actually practise in a remotely organised manner - instead I spend my time writing new material or going through current material, some of which is quite stretching especially that which requires running bass and chords simultaneously and playing independant rhythms with them and then singing on top.
I suppose "when is good, good enough" for me will be when my music earns me a living - and that requires me to become a great songwriter and I have a very long way to go to get there, if I ever do! The bass playing is subservient to that but as I write on bass my technique has to be good enough to not get in the way even when I'm doing relatively weird things.
Alex