I use a mishmash of the experience point awards suggested by Sean Punch in Dungeon Fantasy 3: The Next Level and my own idea of what's awesome.
GURPS normally hands out character point awards in a manner largely left up to the GM, based on pretty broad guidelines. Hey, it's a toolkit, go DIY.
DF provides some (optional) concrete suggestions modeled on old-school games and video games (and who knows where else), with points for killing monsters based on relative power, points for exploration, etc. I'm not a big fan of points for killing things. It makes killing monsters, in maximum numbers and frequency the whole point. I prefer to reward exploration, profit, and getting home alive. So here's what I do, as written to my players with a little expansion.)
We will use a modified version of the Advancement rules from DF3, pg 42. I won't give out points for killing things. I don't care if you kill stuff or not unless it's part of some mission or quest. I will give out points for getting things done and so on.
Completion (from DF3 pg. 42): "At the adventure's end, everyone gets 5 points if the party returns to town [or the Keep, or a safe base, etc.] with enough loot to pay off any sponsor, rest for a week ($150), and recharge all power items completely."
There are adjustments for insufficient loot to do this (-1), dead PCs (-1 each), minimal exploration (-2 or more), discovering quest item(s) requested by a sponsor (+1), finding hidden or special areas (+1), etc. Minimum is 0 points for the session.
"Enough loot" doesn't count expendables, so don't worry about expended arrows, food, paut, etc., just paying your bar tab, sponsors, and to replace power.
Roleplaying: If you find a way to make your disadvantages and quirks matter in the game in an especially disadvantageous and/or entertaining way, you will get between 1 (minimum) and 3 (maximum) bonus points. If your disadvantages help you, you don't get a bonus for them that session - getting an advantage from a disadvantage is sufficient bonus! Physical disads and flat-out stat reductions (reduced Speed, for example, or Hard of Hearing) don't count here, as they have constant in-game effects.
Awesome Bonus: If you do something especially clever, cool, or otherwise awesome, I will give the whole damn party bonus points. Encourage each other to be awesome. "Awesome" is not a die roll, its a memorable action that makes the game better.
Most Valuable PC: Every session, at the end of the session, the party can vote at the end on who gets a bonus point just for being the most useful, best roleplayer, best dresser, brought the best beer, whatever. It's up to you guys what it's for and who gets it. I'd be disappointed if you give it someone as a "you need this to get another level of sword" bonus though.
How has this worked in play? Pretty well. The PCs have been averaging 5 points a session, although they took home 4 for the session where Volos died, and Honus took home only 4 for his solo trip (he did a lot, but in a much-shortened session and he didn't go all that far, so I cut the rewards down a bit per "insufficient exploration.") No one is complaining of a slow pace of growth and it doesn't seem to be too quick, either, so I feel like I'm in a sweet spot at the moment.
No points for killing things means no one sees monsters as targets per se, just as obstacles to exploration and getting money. Mostly money - more than one expedition has been extended to "one more room" to get enough money to ensure they turn a profit, although I doubt that's solely due to a desire for points (in fact no one has mentioned points as a reason). This also means the players seem open to bribing monsters, hiring goblinoids, and other such fun stuff in order to get more loot.
This system effectively makes treasure worth points, as well as being its own reward, but not on a D&D-style value-for-xp basis. Either you turn a profit and get a base 5 point or you don't, and you get a base 4 points, and if you failed to turn a profit because you went home early, a further -2. The need for money for upkeep and new gear and carousing and whatnot is so high that no one has failed to scrabble for treasure, as I mentioned above. Plus I'm iffy on rewarding behavior you want to do anyway, instead of punishing failure to do stuff. This seems to act more like punishing failure - if you don't make a profit and barely explore and run home to keep your guy safe, consider yourself lucky if get some character points. Take risks and play the game as intended and you'll get a steady improvement to your character.
In practice, I haven't been awarding roleplaying bonuses, because I pretty much expect you'll roleplay and my players pretty much do so. Everyone has been roleplaying their characters in an entertaining way. But no ones disads have come up in such a way to make me think extra points over and above the ones they got for taking them are warranted. I'm keeping it on the books in case someone does something really amazing that falls in this category.
No Awesome Bonus yet, but I'm sure it will come.
MVPC voting has been fun, and I'm happy to get direct input from the players and they seem to enjoy it too.