I'll read any and all ratings, so long as the fic is interesting and well-written. I do admit I'm a sucker for happy endings! And I do love angst, provided it all ends well.

The worst thing I hate is a sad ending, particularly any where Draco and/or Ginny end up dead. Call me weak, but that's how it goes with me.
As far as the smut issue...While in general I do, of course, prefer fics where the relationship of our beloved couple is based on a good friendship, is meaningful, etc...I'm gonna come clean and say I love smut.

You know those shamelessly trashy romance novels that middle-aged housewives love to read, or whatever? Yep, I've been reading those since I was a kid (weirdly, and probably very wrong). I love classic literature as much as the next bookworm, but every once in a while I prefer to kick back with a book that's essentially a huge ball of hormonal fluff.
That's how it is with my fanfiction reading habits. I don't write smut (I tried it once for literally five seconds and cringed and laughed throughout the entire ordeal, before finally giving up), but I like reading well-written smut very much. It all depends very much on my mood. Sometimes I just want something that's so sinfully fun. Also, there are some great fics out there that have smut in them - and the smut itself, as weird as it may sound, is just as great as the plot, the writing, and what have you.
Of course, it's not like it doesn't get old. When you've read one smut fic, you've basically read them all. Though there are a few gems that truly transcend the basic "boom they have sex" line.
There's a fic by sugarbear_1269, called Smoking in the Head Boy's Room, and wow. Smut is very integral to the plot of the story. But it's so fantastically well-written, and the characterizations and emotions and everything are so spot-on, that it elevates smut to an art-form.

But enough of my rambling.

Also, I was wondering...are we differentiating between a scene that describes them making love to each other as an expression of their profound love for each other, and a scene that describes them having raunchy sex for the sake of having sex (aka PWP)?