Hi Richary,
In our area, it's windspeed. Once a Tropical Low has sustained 10-minute winds of 35 knots (which equates to Gusts of 90km/h), it is assigned a name and called a Tropical Cyclone. Pressure does play a part, but with this system (which is 990 as I'm typing), it's pretty intense for a Tropical Low, and would be very close to forming to a Cyclone anyway. Once they do attain Cyclone strength, they can generally intensify faster due to the rotation.
EDIT - It might actually be 10-min winds of 40 knots, and not 35; I'm not 100% sure.