I think I'm somewhat of a hotdog connoisseur. I love hotdogs and have worked in 42 states. I've had the local version of a hotdog in each state. I have a "top 20" list of dogs I make. Most are variations from the 42 states.
My opinion... No matter which version you like it starts with the meat. Where I live now I don't have an old fashioned butcher shop who hand makes their own dogs. I'm stuck buying at the market. There are still a couple of decent choices. I prefer "Hebrew National" kosher dogs, "Nathans" is a close second. I don't by the cheap stuff, might as well by the off brand mustard and the cheap ketchup and feed it to a kid who doesn't know any better.
After choosing a quality meat, your imagination is your only limit as to what makes a great hotdog.