Nice and Neat FB's (n&n FB's, also called High Quality of FB's): These FB's are the cutest ones that you can find: they are always in the booklet form, have plastic cover over the front of the FB and of course are decorated nicely.
Normal quality of FB's: They might be in the form of booklet or as sheets stapled together. Unlike the n&n FB's, these do not have a protective layer on the front of the page and are not as decorated. They can be made out of really nice paper with already printed images on it and that only the addresses and subscription "FB made for/ made by" are included. They are generally the FB's that are the most popular to swap and the most hard to define as they are very diverse in their nature.
Low quality of FB's (referred often as sloppy FB's): They are FB's that are stapled together and not much thought is put into them. Either they are from reused materials that are not decorated at all or just cut together from magazine sheets, newspaper and written/printed and discarded paper sheets. They are the FB's that are passed around but some pen pals and swappers simply won't except them.
When swapping FB's, the rule of thumbs is to send out a swap that matches the quality and quantity (number) of the FB's. In that way the swaps are predictable and nobody will be left disappointed.