The short answer is yes. Although you exaggerate my argument (pages and pages of character development), I would like to see something more than a one dimensional single sexual encounter, which is what too many stories consist of.
I want an actual plot. I want believable characters. Just because it's porn doesn't mean you can dispense with these things. You aren't likely to come up with anything BDSM-wise that hasn't already been done a thousand times. Where you can be original is in the context in which those activities take place, but that requires a plot.

Harold
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While I may be in the minority on this, I have to side with Harold.

While I'm not sure that I always succeed myself, character, language, and plot are the characteristics that separate the stories we come back to, from those we scan through quickly. In a short story the plot must be relatively simple, and the characterization sketchy; but even in that format I want the villains to have "motivation" (however twisted), rather than simply being generalized sadists.

One of my own preferences: A story in which the villain(s) has/have a personal animus against the victim has far more flavor, IMO, then a story of a "professional" interrogator, whether he be a Nazi, a Witchhunter, a Taliban, or a member of the Inquisition, who is just doing his "job".

Your mileage may vary, of course

Boccaccio