I depends on the build-up. If you spend the game interacting with the environment and the people in said environment, you're going to want to explore around and see what effects you've had. The Persona games do this well; you get to walk around and check in on all of the Social Links you've completed. If it's a linear, story-based game, the ending should give closure to the story. Depending on the amount of dangling plot threads, the ending should be long, to give closure to as many of them as possible, or short, to give concise endings to fewer of them.
"Episodic" endings can only work if the game was designed to be such. "No real" endings have little to no closure, and can only really work in games that have either no real narrative, like a racing game, or focus more on side-quests, rather than an overarching plot. Twist endings are just copouts, though, unless they're properly foreshadowed and can be predicted with a bit of observation and thinking.