I've played GURPS, Call of Chtuhlu and D&D.
all three have their own distinct type of progression.
In GURPS, I like the way it allows you to progress in those areas where you like to place your focus, without having the extras you didn't ask for in class-type progression. Also, most of the system is point-for-increase, or a few points for increase. Direct enough to give you the feeling that your progression is directly related to the 'experience' you gained.
In CoC, I like the way it directly couples used skills with progression. Skills you never use will never progress above your starting skill. It gives you a feeling that your progression is directly related to the way you play out your character.
In D&D, all progression is in jumps. (by class level). Although I prefer the GURPS and CoC progression types, I find that as long as I see a regular increase in XP, I have the feeling I am slowly getting to my next level, and as long as I pick class levels that match the direction I would like my character to progress in, I have no problem with it.
However, a few months ago I played in a campaign where the DM used the 'level progression' XP reward. In short, it means that the DM looks at the campaign he or she has planned, and at some arbitrary point decides that it is about time the party gains another level, and then awards enough XP to instantly gain that level, giving no XP at all in between.
I really disliked that method, and have since decided that any group using that method can count me out as a player. (aside from the discomfort, it also makes item creation absolutely impossible, since you have no XP to spend)
More directly on topic:
When considering D&D, I would prefer a system that doesn't max out at some point.
The fact that after lvl 20 the progression has to change means the system wasn't thought out well enough.
If reaching a certain lvl means your power has increased to such a level that the style of the game has to change (as has been discussed in another thread), then that's one thing. If (some of) the rules have to change, that's something else.
So, as a direct answer to your question: I don't mind the 1-20 progression, but I do mind the fact that after that level the rules change. When I reach lvl 20, I would like to be able to move on to lvl 21 without having to buy another book. The basic rules of the game should be sufficient to increase your character to any level.
The epic level handbook should be about creating campaigns for that level of characters, NOT about epic level character progression.
About the granularity in power between levels: as mentioned, I like the GURPS and CoC systems, but the D&D progression is otherwise fine with me.
I would enjoy games where my starting character is at the bottom of the power curve (even below the ordinary population if that fits the setting) as much as games where the characters are heroes to begin with (which is the default for 3.x characters)
Herzog