I will give you my opinion based on street use of the car: it is a converter that will allow you to flash to the RPM that puts the motor right at the start of the range where it's making good power. So if your combo is coming on strong at 3500 you'd normally want a converter that lets the motor spin up to that RPM right away, thus "flash".

However, on the street it is no fun to just power through on the converter at each stop light, so you want that converter to be somewhat "tight enough" that it isn't flashing to that stall speed every time you apply the go-fast pedal, and instead does provide a decent amount of throttle response at the lower RPMs where most of your stop'n'go street traffic will be.

To me that is what a "well built" converter is as far as a street vehicle is concerned.