What Qualities are Necessary in a Good Team Lead?

Midnight Thunder asks: "We have all had our share of team leads and some of us have been in the position ourselves. I would be curious to know what things you have appreciated from your team leads and what you didn't like. Also, for those of you who have been in the position how you found it. The main reason I ask is because this offer has been given to me as a carrot and I would like to make the right choice, and if I take it learn from other people's experience how to be a good lead."