If “teary, squinty, and painful” are the indicators of a problem, then improvement in “teary, squinty and painful” would be an indicator of an effective treatment. The time involved in getting there is key – are you treating for a few days, or a couple weeks? Are there secondary problems that happen, or don’t happen, with a given treatment - my guys never really had any, but they certainly exist – ulcers would be one, negative behaviors related to treating the eyes would be another. How much intervention is involved – if your horse is in your back yard, you can treat something every 2 hours, but if you board and don’t have a system in place for that sort of thing, you can’t really implement that treatment on the farm.
The outcome measure for my elderly mare who got around really well despite her decreased vision, and had a flareup about once a year, would probably be different from a young, highly competitive, expensive horse who was intended for resale. To clarify that: both horses need relief from pain and maximum healing in minimum time, but loss of vision and time off work would be more important for a horse with a career.