Things I like on the player side:
Following NPCs to see what they do and how they think
Picking my PC’s plans
Genuine open-ended overland exploration
Lack of a story
The results of battles and skirmishes - not so much the playing them out
The results of romance - not playing it out - loves? Loss? Children?
Finding and losing henchmen
Weird magic, even silly magic
My own character nearly dying
My own character dying appropriately
Things I like on the DM side:
Players who pick up the ball and run with it re: any of the above
Playing cool monsters
Making up cool magic items to find
Making up open-ended situations and seeing what the players think.
What do you like?