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I'm all up for consequences, and I suspect most people (except murder-hobos) are. So let's just discuss was useful/meaningful/fair consequences are best?
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I want consequences that make the decision to become a criminal meaningful and force me to change the way I play and making me think about how I can achieve what I want to do.
Doing something that the game says is "illegal" without treating it as a crime is pointless for me. NPC security, bounties and maybe NPC bounty hunters are no real consequences for me. I can dock in any station I want without trouble (ok, without real trouble).
Player bounty hunters would be something, but currently it's quite easy to avoid other players (without switching mode or combat logging, just to be clear).
PF bounties are a step in the right direction.
Station services not available for criminals, as in 3.0, is good - but not enough, in my opinion. A "criminal" can still dock at stations controlled by the faction that issued the bounty.
That tactical response NPCs might be something, we will see how good those are.
What I would want, but I don't expect it to happen, would be game mechanics that put me in a situation where I have to decide between becoming a criminal and doing something I might not want to do to become clean again.
Gameplay that rewards for being a criminal, but makes legal gameplay close to impossible.
Anarchy systems could offer very high prices for all goods (because no legal trader goes there and only criminals support the economy of that faction), but for that the consequences for being a criminal need to be very harsh and restrictive to push players into that direction.
Otherwise they would just sell the illegal cargo wherever they want.
Wanting to be a "criminal" while having all the access and options a "clean" CMDR has is wanting to be a criminal without consequences - in my opinion.
Wanting to pirate ships at a CG system and then contributing to that CG is not wanting consequences - in my opinion.
I do understand that RPing a criminal is fun. I think adding more and harsher consequences that restrict the options for the player is more fun, than just flying around with a "wanted" tag and having all the options someone has without being wanted.