That's a great question: and my initial reaction is that the answer involves the right combination of many of the things you have already listed in your post.
To me the context and setting are important in making a sexfight truly EPIC. No matter how sexy the combatants are, I need to know what accounts for the rivalry between them. Ideally the mutual lust or antagonism has been built up then ratcheted up even more through a sequence of events providing a compelling rationale for the action that follows.
Then comes the nature of the fight itself. I like fights that swing back and forth with plenty of dramatic tension, usually (but not always) leading to a clear conclusion and often humiliation for the loser. I like both women to be evenly matched: even if one defeats her rival on the day there is always the prospect of a rematch when the loser will gain her revenge.
I guess in closing, anyone who has had time to read any of the Boarding School Queen series can get a flavour of the style of sexfights I enjoy reading and writing. Although the writing can be clunky at times (I need a good editor!) I have tried to make each individual contest as epic as I can within the limitations of style and imagination!
R
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