First time round, I'll usually try to make something that looks as much like me as possible.
Every other playthrough I just try to make an attractive face I won't mind looking at it cut-scenes
One of my housemates walked in whilst I was creating my character for RIFT and pointed out that I'd basically recreated my girlfriend's face on screen. That was actually before I'd done anything to it - the game's random facial preset thing gave me it. It seemed weird to have a real person's face that wasn't mine, so I changed it a little.
Personality-wise, again, the first playthrough tends to be me. Lots of "I'm a nice person" options with the occasionaly brutal practicality. Others, I roleplay a little.
Dragon Age: Origins, for example, saw me as a female elf who hated everyone. Especially men, and especially especially humans. Alastair and Leliana helped remind her that not all humans were completely unredeemable scum over the course of the game, and she mellowed out a little. Still, she was almost viciously pragmatic, choosing Bhelen despite his assholery because he was more prepared to deal with the surface, and keeping the anvil intact because golems seemed useful for darkspawn fucking.
It was an odd feeling when I realised that the character was making these choices, not me.