Personally, I'm all for Karmagen, and we started using it exclusively. We like the fact that it leads toward more rounded, believable characters. Is it because it gives you a little more to work with? Perhaps, but we aren't as worried about the ''whys'' as we are with the result. The result is more balanced, believable characters with realistic ratings in their attributes and skills(for us), and it's enough.
BPs tend to be faster, though, IMO(though still a bit time consuming), and I might use them for someone very new to the game. I don't hate BP or anything, but I just have a preference for Karmagen.
Here are little things I notice BP leaning toward the min-maxing:
-Heavy use of soft-max. Because it costs a lot to max an attribute under BP(easily enough houseruled away, to be fair-we lowered the cost ourselves), folks might not want to max one-even if it makes sense for their character. Their ''Super-Ultra-Genius Dwarf Inventor whose a Super Genius'' might end up with a 5 logic(while genius, a bit below the above description-or, if they got a +1 Logic Max through qualities or whatnot, a 6-either way, 1 right below the max), just because ''they don't want to pay the 25 BP to max it, and it's only going to cost 18 in the game, and that 25 BP is worth a lot more here.'' Under Karmagen? Sure, the limit of 1 attribute at the max to start is still there, but he might well start with his max logic, because it's going to cost the same anyway in game to do it. Basically, it encourages picking the stats that fit, and you also see far fewer anemic people who can't tie their shoes due to Strength ''not being used very often and it's a waste of 10 BP atm and I can buy it for 6 karma in the game.''
On the other hand, skills are cheap to buy in game at a low level; for example, it costs 8 Karma to buy a rating 2 skill. Now, it costs 8 BP, as well. But...it costs 12 Karma to buy the 5 they have to a 6. Soo...they don't have any other 5's...why not save karma and just get the 6 now? They can get the 2 soon enough.
This is what I see often with BPs.
[Soft-maxing, btw, is when you take something to one under the max.]
Now, I'm not saying Karmagen is perfect; it does run into the ''metahumans leaning toward the better choice'' bit-but this is only something you have to worry about when you're dealing with people who only pick things ''because the numbers are the best.'' If you deal with folks who play races because they like them and they fit, this is no worry. But it's something to keep in mind, and it is one of the flaws of the system; but since our table doesn't really have to deal with this, it doesn't really bother us.
It's other drawback is that it's rather math intensive.
As for people having less knowledges? I found the opposite happening. I find that folks tend to go somewhat heavier on the knowledge skills-they might be at a lower level(2-3) but I notice a lot more. In characters that we converted over, each and every one of them ended up with more knowledge skills. Again, this might be down with specific players, though. Folks who want to squeeze every last point out of being the best shooter/jumper/talker/present wrapper/cab driver will try to do it regardless of the system you use. If the city's best super cab driver forgets to take knowledge skills of the city because they were twinking out another point of Pilot Ground Craft, that's on them.
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Not exactly true. Drakes and Vampires in karmagen cost a lot (dracomorphs and infection are not racial costs). In fact, I have an Infected build that costs more in karmagen than in BP.
Very true. After finding out that info here, my Vampire ended up pretty strapped at the end for Karma. 200 Karma(remember it's BP cost x 2 in karma) is a LOT to drop in. [Oddly enough, Shapeshifters are considered a race-and thus get their things free. I honestly don't think this is an outright flaw with the WHOLE karma system, but it's...just...odd why you have to pay for some things and not others.] Slapping an ordinary cost onto metahumans with the karmagen had it's own flaw, I recall, however-I just can't remember it(though I suppose you could say just pay BP costx2 in Karma and call it a day if it really bothers you that metas cost something.) I considered, actually, trying the thing used for Shapeshifters who can change into another meta form-they pay the BP cost -10. In karmagen, this would be BP cost of race -10x2. So Orks would be 20, Elves 40, Dwarves 30, and Trolls 60. It's a bit more reasonable, but the cost is still there.
So yeah, didn't want to confuse the OP. But I personally say Karmagen creates the characters we like to see a bit more at our table.