I thought this might be an interesting topic to discuss, not only for other females, but also for the guys making games where females make up a part of their audience, or even just people who want to have their female characters be more female friendly. Someone is free to make male equivalent topics if they want, but I won't since it would be purely speculation instead of partial speculation
I think this can be a good topic to discuss because it comes across as very confusing and generally leaves men pulling out their hair going 'Oh my god, what do you women want!?' Also, females tend to be extremely hard on other females, even female characters. I'm pretty sure we are always going to be picky in this area.
I'm just going to write down my general reaction to the topic from my observation of it, so it would be great if others could join in with what they think about it, whether they agree or not.
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As with all characters, I think everything comes down to purpose. A female character could literally be the sluttiest women this side of the solar system, but if she has a reason to do so, I think we would be fine with it. Some people will raise issue with it for personal reasons, but generally speaking people would accept it. Depending on the story you give her, people may like her, hate her, feel sorry for her, but it would be based on her story, not just the way she looks. So I think everything comes back to the idea of a character having a purpose that is supported by the story, basically not boobs for boobs sake.
SEXUALITY: Believe it or not, but most women do not have an issue with female characters if they a sexy. The problem again arises from purpose. Feminine sexuality has always, and will always, belong to the female sex. I think females tend to react negatively when this is taken away and used as a tool for males. If a female character is meant to be sexy, and she owns that sexuality, it can be a good thing. A great deal of females like to look good and feel attractive. It's not something that we generally feel bad about. So it can be something we can connect with in a female character. We can not connect as well when the female is obviously just meant to be eye candy. And I feel that it isn't impossible for a female to look good and be a good female character.
BREASTS: Ah, yes, boobs. Males love them. And so do females. Most adult females have them in some way, shape or form. They are apart of us and generally we like them. Plus they are soft and squidgy. So the breasts themselves are not the problem. So what is?
-Physics.
There are two things you need to know about breasts. 1. They are heavy. The bigger they are, the heavier they get. 2. They move around A LOT.
Breasts are basically bags of fat and they are not that securely attached to our chests. Breasts are effected by gravity just like anything else, and so they are not going to hold themselves up. That is why we wear bras. When designing a female character, you may wish to think about: What type of body shape she has, how big her breasts are, how is this going to effect what she does, AND WHERE IS HER BRA GOING TO GO WITH HER OUTFIT. Every time I see a big breasted female fighter with nothing but strips of cloth, all I can think is 'Oh, that would hurt'. If you have anything above an A cup, even jumping up and down without a bra can be painful.
-Size.
Women get breasts come in all different shapes and sizes. No-one knows better than us. We are also aware of how breast size can connect with body size, and that sometimes it doesn't. As long as breast size is hitting somewhere within reality and give a nod towards gravity, I don't think females would question it too much. The other thing with size is that it shouldn't define a character. Most women don't want to be thought of in relation to her breasts. There is more to them than that. It is definitely apart of a females design, and may even effect how the character feels about them. But all that should stem from her personality, not what she looks like. Some women flaunt their breasts, some hide them, some just think they are massive pain. Again, this is something to consider.
CLOTHING.
Okay, every one is going to have to admit the idea of wearing armour and exposing skin at the same time is ridiculous, right? Again, clothing should fit in with purpose. A female character dressing in a seductive manner is fine. A female character dressing in a seductive manner on a battlefield is just stupid. All of this will be effected by how realistic your story is and what else is going on. Sometimes a female character would be better off naked then in certain outfits. But if you want to avoid females rolling their eyes about it, basically step into the characters shows. How would you feel dressed like this? Does it fit the character's personality? Is she going to have to fight in this? Will she be comfortable? Will she even be able to move in it? As long as the outfit comes off as natural, it's fine. If it is unnatural, all it is going to do is snap people out of their immersion. Also, please refer to this comic: http://thepunchlineismachismo.com/archives/777
AGGRESSION.
I don't really expect to see a lot of female characters in historical or modern war settings. It just doesn't happen all that often. And female fighters of any type are going to tend to fall into a slightly unrealistic setting, which is what some stories go for. Females are, on average, not as physically strong as males. And that is fine. Nobody can argue with nature on that one. However, there are other things to consider. At the end of the day, if a female or those she cares about is threatened, she is just as likely to fight as anybody else. She has just as much reason to fight as anybody else. To protect those she loves, to protect the future, all that stuff. She might not be as successful physically, but she isn't incapable of it either. Reality and fantasy does mix a lot on this front, and as long as it sits well with what you have going on in your story, I think she will be successful. Also, don't forget 'hell hath no fury like a women scorned'. There are shreds of truth in that.
FEMININITY.
This one is still in open debate with women, so I don't expect anyone to resolve it anytime soon.
Personally, I don't feel there is anything wrong with liking pink, cooking, dresses, make-up, cute things etc etc. As long as there are variations and options for females, there is nothing wrong with having these types of things. If a female character happens to be a nurturing type, good for her. It doesn't make her any more or less of a women. Females need to stop being so judgemental of what each one of us likes to do. We are a massive group made of individuals. Liking traditional 'female' things does not make you weak, it just makes you who you are. The best thing to do in this regard in my opinion is to study the females around you and base your characters in a similar way.
Anyway, that is all I can think of for the moment. Feel free to offer up your own feelings on the issue, other things you want to add, things you disagree with etc. This topic is specifically about female reactions to female characters. What females want may not concern you or your game at all, and that is all good. However, some people may be interested in knowing more about how females feel about certain type of characterisations (and personally I would be interested to hear the male reaction to both female and male too
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But I like the characters in Loren RPG because not only the women are half-naked, and I think that's fair. (I apologize to Jack for using his game as an example. 
In that kind of case I think more writers should study psychology (and make more friends haha), just like how some character designers would benefit from learning about fashion. 