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I'm happy to recieve anything signed! I do love my 8x10's but any picture size is fine by me. I don't mind IC's either as you can always matte them with a nice photo {thumb2}
I usually prefer either 8x10 or 5x7 pictures. I have gotten autographs on index cards before, and after time goes by I go back and look at some of them and can't remember who signed it. With a picture, it can be next to impossible to forget who signed it. As for the size of the picture, I want to make sure there is enough room for a full autograph and a personalization (if the celebrity or athlete so choses). Other than that, I look for light backgrounds or spaces because most TTMs are signed with a black sharpie, IPs are usually signed with a blue sharpie that I carry with me. I hate silver sharpies since they never seem to work well for me.
Edit: I almost forgot -- fewer and fewer celebrities and athletes are signing index cards these days, especially athletes. There has been some problems with people getting autographs on them and then stealing their identity.