I would have to say Real Pics all the way. I'm usually more of an MP pooner, and nothing about this hobby upsets me more than meeting a girl that looks nothing close to her pics.
I might be able to get past a change in hair color or something like that. But if the girl's pics shows she has "Hooters Award Winners" and she comes in the room sporting "sunken" treasures, we're done. And I have even run into a lady where her ads said she was " A Sexy Caucasian Godess', but when I meet her, it turns out she is a lighter skinned black girl. WTF is that all about?
I have had 2 meetings with Indy SPs, and both ladies turned out to be honest about there pics, if not perhaps downplaying their looks in the pics, as both were better looking in person. So far, I guess I lucked out.
Another pet peeve of mine, and it might not be so much as real vs fake pics, deals with stockings and lingerie. So many of the ladies pics show her in silky & lacy wonders, but when you meet her and talk to her, she says she hates wearing them. Bad form and borders on false advertising IMO.