What annoys me most is the bravado-battle that precedes most PvP.
What I love are battles where the enemy is sure of winning and is then torn to shreds against all odds. Or when it's just a really lulzy gigantic fleet battle. *dreams of good old TF7* Or when it's a really well organized and fair fleet battle. Those tend to make up for all the crappy PvPs I get due to my non-existent skill and the bravado.