I do enjoy novel writing when the characters expand "their" lives in a way that is relevant to the overall plot as this adds depth to the story. Of course the biggest disadvantage is the sheer amount of time a novel takes. There is something satisfying in being able to belt out short stories (it's also quicker to get feedback) though I have found when trying to enter Writers' News/Writing Magazine short story competitions, I do need a month to get a first draft down and then give it the inevitable edit it needs to get it into shape before sending it.
I like stories in all forms with humour in them (even if the overall thing is not meant to be humorous). I don't know if it is me but is the humorous story undervalued? I see literary short stories (I do like some of these, but they're not my favourite and they generally tend to be deadly serious, which is partly why they're not my favourite) but where are the funny stories?