Depends largely on the situation.
If I have her tied down, then she has already told me everything that excites and frightens her. Armed with that knowledge, I use it to tease and tantalise her for the whole evening, never letting her know if she gets to cum or not. At this point she is usually begging for release, and if she behaves, she gets a reward.
If im the one tied down, the situation is usually the same just reversed, and I love absolutely every fucking second of it... *drool* Flogging, orgasm control, edging, canes, insertables, and hitachis. No one leaves the dungeon wanting for anything.
Next question. Do you enjoy a good flogging, and if so do you enjoy the sting or the thud more?