Robertson Games recently posted an interesting contribution to the on-going discussion of how to define "old school," Differences & Directions in Dungeons & Dragons, which lists a bunch of differences he sees between Basic D&D and the latest edition. It hits most of the major features that I think of as differentiating the styles behind the two games, and both makes it clear that neither style is inherently superior to the other and demonstrates why different people might naturally prefer one style to the other.
In fact, it creates a pretty thorough checklist of things that I think are awesome in the Labyrinth Lord game. But not a completely thorough one, and that's another advantage of the list. It presents old school as a handful of features that, while they work well together, can also be taken and considered individually or in groups.
In my case, besides some quibbles about the power level part of the list (I love having just one spell slot to wrangle at first level, but I can't legitimately describe a game where a gang of 1st and 2nd level characters end up on the plane of Fire, however badly they do there, as "low power.") the main area where I don't clearly lean towards the Basic side is in the "Fantastic Characters vs. Common Characters" category. I really can't be -- I'm having too much fun playing a nixie, which isn't as far out there as you can be in terms of monsters with weird powers, but it's still a lot more exotic than the standard options.
But I'm not completely in the 4e camp, either. The character who's now a nixie started out as a dwarf, and a fairly non-descript one at that. No unusual powers, fairly standard backstory. Likewise, I tried to make my cleric a reasonably typical human with a reasonably typical backstory. I've been having all kinds of fun with her, because "reasonably typical" means she's actually fairly odd in some respects, by my standards -- she's argued with the party half-ogre in favor of slavery, and her religious ideas are, obviously, pretty far out from my own.
For the most part, I like making characters who are fairly normal, particularly when the setting itself is interesting. It's easier to explore a distinct milieu when my character's not an odd-ball herself. But I don't mind at all when a character doesn't stay normal. I'm much happier with my dwarf-turned-nixie than I would have been if she'd stayed a dwarf; though then again, that's partly because of all the interesting social issues it brings up for her and the rest of the group. And those wouldn't have been as interesting if I hadn't already been playing a relatively normal dwarf to begin with.
(Not entirely normal, mind. One of the things that made her being a nixie interesting to begin with was that there were a number of features of dwarven society that she really wasn't too thrilled with, but I didn't make her knowing that, and she only really found that out herself after hanging out with humans for a while.)