Here's another point to think about. If I see someone giving someone high praises on mediocre work, and I get high praises on something I do, from that person, should I be proud? To me, it would be pretty meaningless. I am certainly not encouraging anyone be mean or ruthless. Take into account someone's experience, but I was brought up that honesty is something to be cherished and praise is to be earned.
I think it often depends on who is giving the compliment. If it is a non-turner, who doesn't have experience, and doesn't see the flaws every time a pen is made or shared like we do...then, that should be accounted for.
If the person giving the compliment IS a turner, and knows the challenges, is aware of the kinds of flaws that detract from a quality pen...then that, too, should be accounted for.
I have found, with both my photography and my turning, that pretty much every piece I turn is "awesome" to most people. They see something they think they could never make, and its made out of these natural materials that often have incredible natural characteristics...so, to most people, they are just stunned and amazed by the whole piece at large... They don't see the details.
To me, one of the last platters I made ended up with a couple patches of notable sanding scratches that I somehow missed when doing my sanding job. I was greatly dismayed at the piece, because I had already finished it, and in fact had let that finish, just oil, dry enough that...maybe i can't fix it. Crazy thing, at least to me, is that not one person I've ever shown it to has ever commented on the, what to me are blatantly obvious and notable scratches in a few places on the bottom. When I point them out, most people say no one will notice!! Which certainly seems to be the case...
The layman will, most likely, always be impressed by things they may think they couldn't do (even if they could!!!)
The artisan SHOULD notice the details, and should account for them when giving accolades... If an artisan, especially a skilled one, gives high praise for an, to an artisan, obviously flawed piece...yes, I would think that would normally be seen at the very least as meaningless, if not patronizing, maybe even discouraging.
I would say, these factors should be taken into account...when both receiving compliments, as well as giving them. I try to call out notably exceptional details when I see them, if I am giving a compliment. In particular, because I have trouble with this myself, when I see flawless seams between blank and hardware, I'm truly impressed by that, and feel it needs to be called out. When I see a segmented blank with exceptional alignment between all segments throughout the blank, I feel that needs to be called out. When I see a celtic knot that actually looks like a knot, with proper layering, I feel that needs to be called out.

I guess, in general, I try to find positive qualities to call out....
I would say I don't generally give out high praise for a piece I don't think meets the bar. In such cases, I probably don't comment at all.
I guess I also don't really give hard critique on a piece, unless someone has asked for it. Occasionally I sometimes give spontaneous critique, if I sense or otherwise figure the person would be receptive. Its probably best to keep critique, which can often be taken the wrong way, only for those who actually ask for it, though.