For me it is all about the hobby. By that I mean that it is more than getting together with someone and fighting out a battle, but the whole shebang, putting together models, painting, making up an army list, and fighting a close fought, brutal battle where the victor has earned their victory.
If I had to pick one thing, however, i would say that it is converting miniatures. I do not have a single army with an "out of the box" model. In part I enjoy this part because I can do it regardless of whether I have the time to play, or if my friends have the time, i can snap out a few models, and get my fix.
Here are a few of my more recent projects, sorry for blur, I am still figuring out the camera.
"Avenger" My Baal predator