I like rules that dont emphasize thd obvious/should-knows/ettiquet of rp/human interaction and instead focus on what is special to their site [ i.e. a unique character-claiming system ] im kinda in between on bulletted lists and paragraphs. Some rukes need explaining and some dont. Also some can be lumped together. The more 'bullets' in your rules fhe less i want to read because so many people just repeat the same things over and over or put too much stress on the things we all should already know.

Also if your rules look long split then into posts in the thread. Each post is a category. That sort of thing....

Don't make me hunt for some super special top secret answer/password just to create a character either D< eventually reading turns to glossing-over turns to completely ignoring the ruoes and then when the answer is found NO ONE will re-read your rules to make sure they are not breaking them. It's cool to make sure people read them but a 5 question quiz about them would be better IMO if you -want- proof the ruLes were read. 

Just keep 'em simple. The game itself can still have complex elements if you keep the rules simple and inviting :3