Well, let's see. We play a lightly modded game. My poor character however has loads of gimps and restrictions though. Some of them are:
She will not touch any melee weapon or staff. She is very poor at elemental destruction magic. (She's a mystic archer and very good with illusion & restoration).
She cannot level any higher than 20 (she simply has 4 1/2 majors she doesn't use). This leveling limit is actually a good thing - it also limits how strong her foes can get.
She is at her top level of 20 now, and has never added a single attribute point to endurance, strength or luck.
She dresses for fashion only, and cares not a whit about such things as armor rating. With so many outfits, she can't be bothered enchanting any of them. She does carry enchanted rings and amulets though.
Every time she seems to amass more than 10K gold (harder to do with a strength of only 30), it gets 'taxed' away from her - much to her chagrin.
She insists on traveling with, and lavishing care upon, her precious black mare - for those who use horses, you realize this is more of a restriction than a benefit.
In short, she is a glass cannon. She is quite effective, but never boring.
Once you get used to the game, it is too easy, so we find it helpful to add plenty of restrictions and limits.