I wasn't expecting much from the character creator, but I am glad to say that I am pleasantly surprised. Considering I am someone who loves character creators, I can waste hours away just sliding the adjuster point by point, checking for each and every minute detail. I even spent several hours in Dark Souls fine tuning the face to get something good out of an otherwise lackluster character creator. So what I'm saying is that Saints Row 3's character creator is definitely one of the better one's you will find. In fact I'd argue it's up there with the best.
Though there are some things people may not like about it. For example, the men of Saints Row tend to look odd wearing suits because the default body type is that of a very muscular man, as a result the character wearing a suit comes off as very bulky. Where as for the females the default body is that of a very curvy woman. So I found that in trying to adjust the body mass to my female character minor muscle definition she would also gain leg mass, which in turn gave her thick thighs and a bigger rear, this was even while adjusting the mass to skinny in combination with the strength mind you. Basically, Saints Row likes to keep the characters for the most part in it's style. The good news is that it works for the most part.
The even better news is that the depth is absolutely there, if you want to create a good looking character you can! If you want to make an awful creature of a thing, you can also! The more time you put into it the better(or worse) your character will look for it.
From top to bottom if I were to rank the character creator it'd be(from the games I've played of course):
All Points Bulletin, Saints Row 3 > Eve Online > Champions Online > Soul Calibur IV, Dark Souls > Elder Scrolls IV: Oblivion
With all that said, one I made:
Alt. outfit/hairstyle:
Face up close, side:
Alt. hair:
Alt. hair and UK colors for UK-GAF(note not a part of UK-GAF, just felt like making it):
I may get this game just for the character creating.