Hmm, none of the Character Creation options really apply to me.
I do a mix of 1 and 3. I pick a lot of similar elements to myself, namely my hair colour, skin colour, facial hair, and mix those elements in with the other to create a character that looks like I want the hero of the story to look, but with enough of me in there that I can effectively role play.
Character Development options don't quite cover me either. I chose 3, but that's really only for my character's 'moral opinions', with stuff like his attitude to aliens, opinion of the genophage, opinions of the geth/quarians etc. coming from my own views, but in the actual dialogue I tend to go much more Renegade that I would probably really behave, particularly when dealing with adversaries.
Basically my character is basically me, but put through a badass action movie hero filter.