Wow, I really expected more from this thread. :\
I think reading http://textsfromlastnight.com/ has skewed my perception of the current generation. [I'm 33 so I'm actually talking about people in their early 20's, ect.] At least in the sense of people being more open about sexual things.
I think most of the fun for me and my partner in role-playing is using it to grease the wheels for some really spicy dirty talk. Actual props and whatnot are reduced to a few important pieces so neither of us are encumbered. [Bondage equipment included. If it takes more then 5-8 minutes to get it on or off, it's just in the way.]
For example- furry porn is cute and all, but I have no interest in fucking someone in a mascot suit. At the very least; it'd be WAY too hot and uncomfortable. A cat ear head-band is more like it, and maybe a tail with a 'creative' attachment.
Just a little can go so far. Both me and Spirit are pretty good at doing various vocal impressions and accents too.
I think the important thing is having that incredibly high level of resonance with your partner where you CAN play silly pretend games and there is no judging going on. Where both people are just free to enjoy themselves without worrying about pics ending up on the internet or being laughed at behind closed doors.
Things like BDSM are adult games because they require an adult level of trust.
As for the other role-playing...
I was the GM in my high school group [18 boys + me] and usually focused on Heroes Unlimited with a TMNT expansion so they could have some mutant animal-people too.