I like a challenge, but hate cheapness. I like to feel that it was a mistake I made or not knowing something that is resulting in the game being hard, and working it out will benefit me. However, all too often in games devs just take the quick route and make the game feel cheap, for example in shooters, enemies turning into bullet sponges, having pin point accuracy etc. That does not hold my attention and I quickly move on. Of course this usually refers to playing games on more higher difficulties.

On the other hand, sometimes I just want to have fun with the story and so games which are just taking too long because of a ridiculous boss battle etc. can sometimes ruin my enjoyment.