This is what I prefer in my games:
- Characters are Zero to Hero, have random chances of success (tempered by player decisions,) and death is a consequence (edging towards "looming".)
- Magic items are Uncommon to Rare, Randomly found but potentially creatable by PCs (eventually.)
- Natural Healing takes days to weeks, but hit points are luck and thus potentially recovered quicker.
- Rules are simple with few Mechanical Options. I prefer characters with a minimum of defined abilities, but completely open-ended as to what they can do, as oppose to lots of defined abilities, but hard limits and "niche protection".
- I have no strong preference between GMing and playing, but perhaps lean more towards GMing if I feel the local GMs are less lenient than I would be. When I GM, I'm almost completely homebrew, although I have no compulsion to avoid published material.