I voted 'hard' though I was inclined to vote ' old school' :D. Though it might scare others away, I feel some of the appeal of these old school games is, that they are so difficult and unforgiving. Remember in NWN when you would spend a lot of time clearing a dungeon just to get instant-killed by the first trapped chest you try to open and having to do it all again? Or in BG1 when, if playing as a mage, the first wolf you met in the forest could kill you in one hit? I think this unforgivness - frustrating as it is - brings an intensity and reality you just dont find in the modern cake-walk games.
BTW. remember when you chose to attack Gorion, just to check out what would happen? He'd say "What are you doing, my child?" before blowing you to smithereens with magic missiles! :D