I prefer less romance and more action when reading erotica. I don't mind a romantic setting, but I don't really want to read a ton of mushy stuff. It's like dry humping, at some point you just wanted get raw and naked.
I dislike campy erotica, make it real.
Long stories are a turn off. Get to the point and get 'er done. Reading erotica is an instant gratification thing.
Some taboo is hot (nothing illegal please). Stories from the woman's perspective are hot, but not the stereotypical heroine, and I don't necessarily mean lesbianism either. Just make the women real. Women can be dirty too, and not just to please the man, but to please herself. I wanna feel like the writer experienced the story themselves, not like they made it up to get a rise.