IMHO, there is a real art to designing courses in parking lots. Several books and Powerpoint Presentations have been developed to cover this topic.
As someone who designed a few in my day I can tell you there are a TON of factors to consider when putting down ideas on paper.
Like any art, a "good" track design is subject to interpretation, and personal preference. On more than one occasion I've heard drivers grumbling during morning sessions about how lousy a track design is, only to hear them say how impressed and pleased they were with how technical and challenging a course was by the time the trophies and beer come out.
I always tried to consider the following when I designed tracks:
1) Safety - always first. Always.
2) Surface (read: no damage to cars, and no re-routing the course half way through the day)
3) Rhythm - linking the sections so as to make a smooth transition from one element to the next
4) Include all fundemental elements included in the PDS : increasing radius turns; decreasing radius turns; late-apex turns on to straights; challenging sections for balance and braking practice; slalom (at least one).
The final consideration for me was to what lot I was designing in. All lots have their inherent advantages and disadvantages. Design should consider those aspects to make for a challenging course that is fun, a good learning experience, all wrapped up in a little friendly competition.
I think one of the best track designers I've known is also one of the best artists I know: Enthusiast of the year 2005, former AX and DE Chair, exceptionally good competitor, and all around goof-ball, Gary Burch. Bend his ear sometime about tracks. He's a real wizard.