I actually see no difference in the two definitions unless you also slide in the idea that things are more relative and less clearly good/bad with the second. That seems to be the natural implication and the real difference, more so than the shift to "valuing."

- a distinguishing factor between good and bad quality

- the degree to which two people value the same things

If we don't also accept that implication, then its just the same thing. People thinking good things are good vs people thinking bad things are good.