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I know three guys who default to playing female characters. One recently got married to a woman. One has a girlfriend. The third is gay. All three feminine in nature. The girls I've known to play male characters were masculine in nature. If there were a personal factor involved in what gender a person chooses for their avatar I would think it be less about sexual orientation and more related to personal psychology; namely the anima and animus.
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It's an interesting subject to be sure. My fiance (who is tiny, 5'7 115) Almost always makes bulky super manly characters in any mmo we play. I pick based on animations & armor appearance generally. (or if the males are just.. fugly models. human males in wow anyone ?)