The first and utmost significant thing to look out for is how many years the hosting provider has been in professional for. Knowledge is King. Mainly in the web hosting industry, if your hosting provider has not had to recover data from a double drive failure, suffered from a 300 Mbit DDOS attack, or had to deal with a public relations flame on WHT.com, then he's got a lot to learn. And personally, I'd rather be hosted with a VPS Provider that's been battle tested and proven.
The next factor that you should look at when choosing your VPS Hosting Provider is their level of transparency. It's always refreshing when you can see pictures of the company's hardware and infrastructure. Many VPS Providers lease their hardware. And although this is a perfectly good business model for the short term, it usually leads to long-term expandability problems for the host. This can affect the quality of service for clients.
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