I thought about that a good deal about this after I played in a game where the GM started out by saying that he had no preference for whether we played the most heroic character or the most vile creeps ever to walk the planet. It ended up spiralling in the vile creeps direction although since I left before it got too bad, I can't say for sure what happened.
After that experience, I decided this: I can handle evil PCs in game or metagame. However, I don't enjoy playing with evil PCs as a player. I would not enjoy playing with them as a DM either. They are vile, disgusting, and despicable. And none of that is fun.
So I use the metagame method for dealing with evil--I just said "I want to play a heroic campaign; evil characters are not permitted." That way, I don't have to endure an evil character's presence or even put up with him long enough to detail the gruesome death he richly deserves.