For me, it's the ability feel the cum squirts and the little rippling that accompanies each one. And in those magic six seconds just before, when the guy's in that "point-of-no-return" phase, you can sense the subtle changes in the feel of the penis as it climbs to orgasm. For me, the cumshot and the six seconds just prior is the most thrilling part of intercourse, especially if the guy's a stranger. A condom takes all that away. As for a "bareback orgy", it's unnecessary and probably wouldn't be as exciting for me as "sneaky bareback". No matter how outspoken guys are about "safe sex" and "condoms a must", that's all just virtue signaling. When no one else is looking they all slip it in bare if they know you'll take it. When bareback is sneaky, it excites the guy much more than if it was "agreed upon". They cum twice as fast and twice as hard, and that thrills me twice as much. So I would prefer sneaky bareback over a bareback orgy any day.