You guys remember the Price is Right? They had two games, Plinko and Punch Out. I've come to realize that the two schools of character generation fall into those games.
I had players generate characters by the book. The Plinko way, you drop down and your path is restricted by your previous actions. Ended up with well rounded characters, but they all were vaguely similar in many ways.
After the short campaign ended I started over with new characters, and told them make me a story that we'd fill in the background. So like the Punchout game you gave them choices and they picked what they wanted. That one required the veto hammer on several decisions, but we ended up with some rather full characters with very interesting backgrounds.
Openness in creation seems to make for more fun games, buying skills or traits based solely on the character's background makes for a happier player, even if its only giving an arch-militant dance. Yes you run the danger of min/maxing, but decent players like more interesting characters rather than he who has the biggest gun. Characters that take good quality amasec for her maintence crew for her freebie instead of just another gun. Players who decide to try and his rogue trader 12 and play him seriously.
Just seeing how many other people have come to the same conclusion.