Rather than say "Great, good, average, ...," why not look at where certain times are liable to place you in meets of various importance?
A runner who can run the following time:
3:37 ... can win Division 1 nationals most years
3:40 ... can score at D1 nationals most years
3:42 ... can make D1 nationals and win many conference meets
3:45 ... can score in almost any conference meet
3:47.80 ... qualifies for regionals and can score in most conference meets
After that, I'd guess about a 3:52 makes the traveling squad to most invitational meets at all but a few schools. Obviously, a 3:52 runner would struggle to make the B team 4 x 1,500 at a place that recruited many runners who could do that out of high school, like Arkansas or Michigan, but would probably make the A team at a school that focused mostly on sprints, like TCU or Baylor, or at a smaller school or a non-scholarship school like an Ivy team.
I'm hesitant to draw a line which qualifies a performance as "bad." I think even 4:10 is good enough to warrant plugging away at it through college (even though you probably won't make many teams with a 4:10 unless you're much better at other distances) or recreationally post-college. It does require a reasonably high degree of running talent just to run a 4:10 1,500. But as far as college competitiveness goes, if you still have a PR of 3:55 or slower as a junior or a senior, you'll probably be spending a lot of your Saturdays running JV home meets at most D1 schools.