I have a player that really likes "mobile" terrain - so, conveyor belts, etc. that move persons on them. I had them fight in a rock crushing plant last battle, but unfortunately I didn't spend much time designing it, so the crushers and rollers didn't have much roll except to one player who was pushed back into them and got stuck.
Next battle I will have them fighting on a giant set of gears, jumping from one to the next to get to the bottom. I was first going to have them fighting up the gears, but realized that such would doubly screw anyone who fell. Hopefully my players won't just say "oh, its only 3D10, let me jump down" - but if they do, I'll have to consider something more penalizing that the bottom.
That said, a very tense and fun (for the DM, anyway) battle was them defending a quickly put together baracade against what would otherwise be quite a difficult foe.
But I agree with the others - fun terrain is such that encourages players to intereact with it but doesn't necessarily force them to do so. Additionaly, you want the terrain to be interesting but not such that it takes over the encounter - its no fun for players to be pushed continually into a pit, nor is it for the DM to have same happen to all of the monsters.
I disagree that it should automatically enhance the monsters - sure that is great many of the times, but players will also appreciate terrain that allows them to do neat and crazy things. Rather, don't focus too much on giving the advantage to one side or the other... its no fun for a melee dominant party to have the enemy artillery on the other side of an impassable chasm, nor is it to have a melee enemy in the same situation with a ranged party.
One thing you definitely don't want is terrain that removes models from the fight for good - falls are good, but you want it so that either the person can return to the fight in short order (
IMHO, he should lose at most a full round in moving back) or feature something for the player to do at the bottom - a new monster to fight, some battle altering doo-dad to play with, some plot item to retrieve, whatever.