Very nice idea and I would be interested in what the bet was. Of course, that would be after the bet is settled, I doubt you want the bet influenced.

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[h3]The Good[/h3]
I love seeing the characters that people come up with and the worlds that the host build. Watching a group of characters interact can bring up some interesting situations. I enjoy creating the world, setting, and characters even more. My favorite part of role-playing is creating a world and seeing how people react to it, what characters they make, and how the world I started transforms. Another thing I enjoy is the friends you can make along the way. You never know who you might run into, or who they are, until after you have started role-playing with them or have created something interesting.
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(Now, time to rant? not quite yet...)

[color=aba000][h3]The Bad[/h3]
Poorly made or explained worlds hurt to see. Especially when they are based on such a good idea. I would much rather see a repeated design that is well made then a good idea thrown in the trash because the person that came up with it wasn't able to put the idea in their head on paper (or in this case on the forum) or they just didn't think it threw. Poorly played out characters are almost as bad. 

Players dropping out or arguing OOC is another annoyance, as are GMs.
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(Now I get to Rant, Right?)

[color=ec008c][h3]The Ugly[/h3]
People. People will always hold this spot on my list. Specifically the people who just don't work well with others. I'm talking about the host that don't bend, the players who think they are the center of the universe, or even worse, the host that if anything makes joining or participating in their game even harder when you try to point out a problem or mistake. 

I have this one time (I won't use names) when a game was hosted by three people. The RP was an interesting Idea, the world was fairly well constructed and explained (though looking at it now I see one or two things that should have been explained better) and the characters looked like they would be fun. So I went to start playing. Made my character. The host didn't like some of it, so I changed or explained what I didn't like. Instead of working with me to allow my idea to work (which was actually quite easy to do) I was forced to make my character the weakest in the RP. While others had the ability to destroy buildings and city blocks, I was only slightly better then a normal person. 

The next worst thing a host can do is ruin a players planned arc when they were obviously working with another player on it. For instance, in an unnamed RP, When I tried growing a character through interaction, the host caused an event that threw hours of planning with another player out the window. This lead to a creature described to be very powerful that fell in maybe 5 seconds IGT, while at the same time causing a panic that killed people. Things went downhill from there and when I pointed out this was a bad idea IN PM they got annoyed and ignored it only to have several others make similar comments in OOC. 

The worst thing a host can do however is not know their own RP, and when a player points out a mistake change the world to make it fit, rather then change the mistake.

Ahem, enough about host. Now onto other players.

Where to begin? Oh. There. Players making characters that are not only based on, but meant to be, a character from somewhere else and they change some key element. For instance, having Link (from LoZ) trying to conquer the world, or Mario (from Mario) actually be some kind of [Redacted] that hides it all of the time, only to have the character break cover in the very first post. The next worst thing is when the player obviously doesn't understand their character (yes, this happens even when players make OCs). If you make a character, you should know who they are and what they would do. Someone should be able to put you in a situation completely unrelated to the RP, and you would be able to have that character interact with its surroundings without having to change anything about your character, or breaking your character.
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Oh, I'm out of stuff to say off of the top of my head? Guess I'll come back later and edit if anything else occurs to me.