Although I am a fan of customisation, I feel like we need restrictions to work around to show real creativity. Which is why I tend to like class-based combat, like BFBC2's multiplayer and Resistance 2's co-op. But that's more of a gameplay preference (because I'm a medic at heart).
However, I can say something about visual character creation options. Some people say they are really extensive, and I agree to an extent. But there has been no system so far that has been really stellar for me. Some games have options that only change things minutely, others have options where only the maximum looks remotely like where the ears are meant to be on the head, some have options that make features look stupid rather than deforming them appropriately, etc you get the drift. But I have been playing Dragon's Dogma recently, and most of what it has is picking from a lot of presets. And I have been met with this problem multiple times each character and pawn; I'll end up with a face that's altogether what I wanted, but I just wish I could have a slightly wider jaw, or smaller forehead, or something like that. Also, a good 2 thirds of the preset things are just stupid, like pillow-lips, ears that are pointed at the bottom, short wide torsos and one closed eye. So in the end...I think customisation is good, but we need a system that just implements all the best things available without screwing up anywhere, and presets just simply don't do it for me.
BUT WAIT THERE'S MORE
Armored Core. My favourite games, main thing is the ability to build a customisable mech out of a VAST arrangement of parts. The most recent game, Armored Core V, has suffered greatly as a result of a simplified customisation system. In an effort to bulk out part numbers, a large amount of parts are entirely useless once you get their better counterparts. A lot of stats were removed, leading to the horrible decision of merging stability and fire rate, and producing a horrible metagame of only the highest stability builds even having a chance. Also classifying some weapons as 'cannons' meaning that everything other than a tank has to stop to use it. I realise this was done in earlier games, but ACV allows you to be destroyed very quickly and the cannons just aren't worth it ever. This is in contrast to ACfA, where a lot of parts were widely useful (the few that weren't was stability issues, not deliberate shittiness), all frame parts were useful somehow, fire rate was weapon-specific, and instead of having just arm weapons, back weapons were also avail...Jesus Christ I'm rambling, what I'm trying to say is when you have to build a giant robot make all the parts viable or don't bother.