Virtual characters contribute strongly to the entire visuals of 3D animated films. However, designing believable characters remains a challenging task. Artists rely on stylization to increase appeal or expressivity, exaggerating or softening specific features. In this paper we analyze two of the most influential factors that define how a character looks: shape and material. With the help of artists, we design a set of carefully crafted stimuli consisting of different stylization levels for both parameters, and analyze how different combinations affect the perceived realism, appeal, eeriness, and familiarity of the characters. Moreover, we additionally investigate how this affects the perceived intensity of different facial expressions (sadness, anger, happiness, and surprise). Our experiments reveal that shape is the dominant factor when rating realism and expression intensity, while material is the key component for appeal. Furthermore our results show that realism alone is a bad predictor for appeal, eeriness, or attractiveness.