When computed for a correlation matrix, the determinant may range from 0 (no independent variation) to 1 (no relationship among the variables at all). Lower values generally would suggest the data set _does_ share common variance, and therefore may be amenable to factoring.
A variable set with a determinant of exactly zero would indicate that all variables were isomorphic and interchangeable (one gives exactly the same information as any other). While you could contrive such a data set (for example, asking adults their age four times in a row, and treating the responses as separate variables), it should be apparent that scores on the variables should correlate perfectly (hence, a zero determinant for the matrix).