Although I don't record any of my songs, I do sing them around the local folk clubs. Even if I am not overly happy with something I've written, I'll still give it an airing.
I have found that some of my songs (ones that I don't rate highly) go down realy well with the audience - so I find myself keeping them in my repertoire. Others that I have liked have fallen flat.
So a lot depends on who you are writing the song for.
Is it a personal thing for your own satisfaction or is it intended to entertain others.
Other songs I have written have grown on me over a period of time. Sometimes you spend so much time and effort creating a song - that when you finally finish it - you're sick of the damn thing. Six months later you can resurect it and it my sound fresh and exciting again.
A song is a strange beast that takes on a life of its own once written.
If there is something in the song to make it worth while - It'll survive and rise above the dross.