Here's a very popular question posed in the IxDA forum from Robert Hoekman Jr. that has 41 replies in just 4 days.
"Usability equals predictability."
As in, if you can accurately predict what's going to happen next in an interaction, it's because the action you're taking is understandable, clear, logical, makes you feel confident, etc. If you can accurately predict what's next, the interaction has high usability. If you can't accurately predict what's next, the interaction has low usability.
Shoot holes in that statement.
-r-
It seems to me that what we're really talking about is reproducibility. The first time somebody uses a computer nothing is predictable. But as they become familiar with it everything becomes reproducible. ... and that leads to the feeling of predictability. I think the same could be said about most interfaces... the goal for a first time user is to make things intuitive, so in that way i guess you could say "predictable" ... but a lot of the time it comes out of learned behavior and reproducible results.