I prefer shaved smooth, I guess because
1) It was the porn that was coming into fashion as I uncovered it
2) Very hairy turns me right off
3) My wife won't shave so it is different from my home experience (though she does at least now trim closely most of the time)
As for the lips, either no protrusion at all (a completely smooth effect) or an obvious, tidy protrusion of lips: both are great in their own way. But not dangling lips or badly packed kebab style...