An abridged anime is a parody of a Japanese-animated cartoon. It establishes the line of hilarity(and possibly normalcy) between Japan and the rest of the world.
This is the version that takes the whole anime and revamps it to be funny.
Difference between anime and abridged:
"Kotominesugurunatsukelemur, your father's dead." - Anime version
"Koto- fuck it"- The abridged version
What makes a good abirdged version:
What makes a bad abridged version: Not much makes an abridged version terrible. Hell, there have been some abridged anime series that I consider to be better than the actual anime. If there is one thing I dislike, then it would have to be terrible voice acting.