I've always preferred some degree of realism or at least believability in action scenes. John Woo type stuff tends to piss me off as much as it entertains me. When the violence gets too cartoonish, it loses me. I utterly loathed Shoot 'Em Up
There are a couple of exceptions to that rule, Hard Boiled, The killer, even Face Off, the latter has really cartoony action but somehow it's good anyway. He's done plenty of stinkers, but few directors know how to get an action scene to flow as well has him.
My pet peeve is kung fu movies that aren't grounded in reality. Flying around like superman, running on water or parting a whole forest with one sword chop, that pisses me off no end. If you don't believe it the danger and suspense vanishes.
70s and 80s hollywood action films are almost universally bad.