My Castles and Crusades game made up for it a bit yesterday. I don't know that I can say that the slightly rules-light system has contributed to more character and story development at the table. Not to say that slightly more complex rules or more book-keeping has kept character or story development down (my Star Wars Saga game was built on personal character development and having the players take a strong hand in dictating how the story would progress). I can say, though, that it feels easier for me to design adventures and encounters, and it feels like less of a chore to run.
Really, this is what Castles and Crusades feels like to me:
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Its the dirty notebooks filled with hand-sketched maps and notes jotted down in the margins. It feels like beat-poetry.