Both, really.
No clear upper age limit though - If she's looked after herself, a middle aged woman can still look sexy in a fight - but I don't want to see 'Old Lady' types fighting. That would be a turn off.
Blood, injuries like swollen eyes and faces from being punched or kicked etc, stuff like that turns me off too.
Humiliation of the loser, tears, that's all ok by me. But they should both finish the fight looking as pretty as they did when it started.