I don't want to experience a "real challenge" by putting my own PC on the line, or by making my players put their PC on the line. I don't want to educate my players, and force them to play cautious, efficient killing machines when they want to play happy-go-lucky heroes that stumble through Indiana Jones/James Bond-like adventures. I don't want my players and PCs develop paranoia by 2nd level, and military-style tactics by 3rd.
My idea of fun as a player is to play a game where I do not have to worry about my PC - I can roleplay a PC that worries and fears for his or her life just fine without the "real" pressure - but a game where I can play a cinematic hero, enjoying dire perils, daring adventures and humerous screw-ups. A game where I can work on a PC, build up his or her motivations, develop it and explore the concept, without either have the PC become a cautious, cunning combattant or die. I want a place for the dumb, rash barbarian as well as the overconfident swashbuckler without foes that kill both off in the first trap, and without a DM telling me to wise up or keep rerolling a PC.
I once had a player that did fear for his PC - even after I told him that I would not kill his PC. Where other players boldly sent their PCs in and had fun he kept looking for the perfect move on the battlefield, the position where his PC would not be hurt. Whenever a fireball exploded in the party's midst he would try to argue that his PC was not in the are of effect, when a trap went off he was looking for rule-loopholes to escape it while the rest of the players just trusted me not to kill them off for failing a detect traps roll. The whole thing kept the game from being fun.
Never again, no thanks. I do not want people to fear for their PCs in my game.
And then there is the whole "us against the DM in a fair fight" mentality that I also do not want. A DM cannot really play fair - he will always restrict himself to "fair" battles despite the fact that no one really can describe fair. I once GMed a Mechwarrior roleplaying game, and I could not use my regular Battletech skill in the game, because not only would I have TPKed every other fight, but the tried and true approach to Mech-battle - eliminate one enemy after another - would not have been much fun for the players that would have to sit out a fight after a few minutes, and keep rerolling PCs. As long as I have to pull my punches as a DM it is not a fair fight, so why should I pretend it is?