Whether giving or receiving a spanking, have you any particular likes which are the icing on the cake?
Although I have never experienced this during a spanking, I would love the lady spanking me to be wearing a leather or PVC dress/skirt, while I am across her knee.
I don’t get spanked but I do get flogged, caned, whipped, paddled and tawsed.
I like to be restrained or suspended in some way. I like to be gagged and blindfolded or wear an all enclosing hood.
I love it when she dresses for it too. Black Basque or bra, black full length skirt, black stockings and studded boots.
Handcuffed in front of her and then over my knee. She’s very vocal when she is spanking begging for her daddy to punish her for being a whore.
I remember my husband wearing black military boots during a spanking at an event once, that did something for me that I wasn’t expecting.
Other than that I just love the way he talks to me, like I’m about to regret winding him up.
I usually don’t, but it’s cute he tries 
Although we spend most of our time without clothing at home, there’s nothing more that I like when the impact toys come out than to wear my Lovehoney red pvc skirt with laced sides* while I receive the appropriate punishment. Sometimes with matching LH lacy briefs, sometimes without.
My other half prefers me to chastise her with a flogger with tassels rather than our paddle, it drives her wild.
*note - I did post my pic wearing this item a while ago in the lingerie uploads area
I administer the spankings 90% of the time and enjoy the closeness it gives and knowing this is what my husband likes - taking care to spank / cane exactly correct and knowing when to slow or stop
I adore personally taking down his knickers half way through a spanking to allow a more stinging impact
Lots but mostly I think it’s her reactions and facial expressions, that mixed look of pleasure and pain.
With our spankings the intention isnt really to cause pain. We use a flogger and paddles that can sting a bit but not enough to mark the skin as such just a little red. I like it when he mixes it up with sensual things as well like feathers or thuddy things like this furry thing he has which he calls the horse tail, which is nice. I like it when i have a blind fold on so i cant see what is coming next.
This is what our spanking sessions are like (both ways, we switch around a lot 
) but we love the mixing of other teasing sensations with it.
For me the anticipation of each stroke is exhilarating. H will mix up strokes with the paddle/crop, with stroking my bum, thighs or clit with his hand. Once he’s made me squirt with his fingers once, often each subsequent stroke makes me cum again. I love the feeling of it running down my thighs. 
When receiving a spanking I like to be blindfolded and gagged. Strictness depending on the severity of the spanking.
For me being spanked or giving the spanking me needs are good music and rhtym in the spanking. I like playing for distance, so it starts fully clothed and progresse to bare bottom, most often ending naked. Andd there MUST…MUST… be a good mixture of laughs and passion.