A bit late on this, but real for me has some different connotations. I have always sought rules systems that could simulate reality as closely as possible. Mainly for me that meant combat rules. It's one of the reasons that drove me from AD&D to Rolemaster. I just never bought in to the idea that someone could take massive hits and just shrug it off. No allowance for specific hit areas, etc. Criticals? Forget it. If you like a 'heroic' system than AD&D is for you. The realism that RM provides enabled me to finally make the PCs be careful. The possiblilty that you could die from a lucky hit by a first level character is very real in RM and absurdly laughable in AD&D. But as that kind of thing is possible in real life, yet not in the same instance a probability, that kind of thing attracted me to RM.
RM's magic system also attracted me. I've never understood or agreed with AD&D's magic system. You're a magic user (of whatever type) and you "forget" your spells every day? Come on. The alternative of using up Spell Points as an indicator of your current ability to cast was something I liked. To me it's much more realistic to say that you know your spells (you don't forget them) but that physically you tap out on your ability to cast each day. You can even tie that in to house rules (which we had) which said that yes you had X SPs in a 24 hour period, but you needed to sleep a minimum of X hours to regain them. Makes more sense to me then all of a sudden "remembering" your spells and then being able to cast. The magic system of RM also fits with my concept of magic in my games whereby you are gathering the power of internal and external forces, harnessing it, directing it and then releasing it (and at a variable level of power should you choose to do so).
Realism plays a big part in my games and my players know that. But I also believe in some measure of heroics. I try to balance that awareness of possible death by giving the PCs certain edges. Fate Points, magic items, etc. After all, if every character you roll up dies five minutes later, even if it's real, the game no longer is fun. I also try to be real in my game planning. Things cannot exists in vacuums. There are no dungeons where the creatures simply sit in rooms waiting to attack the adventurer that opens the door. There has to be reasons behind the way things are. Countrys don't spring up overnight and there aren't land disuptes or war and mayhem simply because the GM decided that would make for an interesting scenario. When you get faced with the players questions as to why things are happening and don't have an answer for it, then you look like an idiot and your adventures get taken lightly. So, realism in planning is also very important.
My two cents.