Challenge vs Experience in regards to 'replay value'
Recently after thinking it through, I've realized that there are very few games with tremendous replay value in terms of challenge. Every game with linear AI can eventually be mastered, and without the element of challenge, a game becomes more of an experience.
Now I want to know, is replay value for you more about the experience of simply playing through the game regardless of whether you know you've mastered it and will win, or is it about how many challenges are left for you to master in it, such as placing certain conditions on it under which to win (i.e., finish FF1 with weakest party, beat SMB1 without powerups or losing a life, etc.)?