Large language models (LLMs) often generate natural language rationales -- free-form explanations that help improve performance on complex reasoning tasks and enhance interpretability for human users. However, evaluating these rationales remains challenging. While recent work has relied on binary preference judgments from humans or LLM judges, such evaluations are often opaque and coarse-grained, offering limited insight into what makes one rationale better than another. In this work, we rethink preference evaluation for LLM-generated rationales by asking: (1) What attributes define good rationales? (2) Can human preferences be explained by these attributes? (3) Can attribute-based evaluation overcome the limitations of binary comparisons? We identify a set of key rationale attributes from prior literature and assess them using automatic metrics, LLM judgments, and human annotations. We then analyze two standard human preference datasets MT Bench and Chatbot Arena using SHAP to identify which attributes best explain human preference outcomes. Finally, we re-evaluate model-generated rationales using attribute-specific ELO scores, revealing more nuanced model comparisons and insights. Our findings suggest that fine-grained attribute evaluations can better characterize rationale quality and guide future research toward more interpretable and reliable evaluation practices.