Love:
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Base building. Fortifying against enemies and being creative is a blast.
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Exploration and big worlds. Games like Borderlands, Fallout and Far Cry with unique environments and ambiance.
Hate:
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Escort missions. After all these years they're still not fun.
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Excessive health bars. Having to carry several different kinds of potions, etc. One of my favorite games is Dark Cloud for the PS2, but I think it had health, mana, weapon health, thirst and effects like poison that never cleared until you took a certain potion. I believe I used a GameShark or similar to get rid of thirst and weapon health.