Subverted: In theory, one of the genders has an advantage over another, but this advantage turns out to be negligible.
While gender offers no perks to a starting character, the Prestige Classes are gender-exclusive, with those offered to one being far better than the other gender's options.
While stat and skill wise, both genders are mostly equal, there's also a clear disparity when it comes to equipment; as males may be able to equip the best armor, but only females can equip the best weapons.
Parodied: One gender has access to a whole slew of options... that mean absolutely nothing and are just there for the sake of being there.
Both genders get exclusive equipment. Which equipment is better/easier to obtain depends on how far the player has gotten in the game, making the advantage swing back and forth. When DLC is released for the game, the first pack is skewed heavily towards men, but the second gives women even greater advantages.
Each gender has their own versions of the best classes, armor, and weapons.
Defied: During early beta testing, players were frustrated by the fact that in one level, male characters get an amusing Disguised in Drag subplot where they infiltrate a castle disguised as maids, while female ones get an annoying knight who tries to "protect" them. To avoid player annoyance, the annoying knight was demoted to a minor NPC, and female characters were given a Sweet Polly Oliver subplot where they infiltrate a castle disguised as footmen.
Played For Laughs: Bob starts playing My Tiny Princess and makes a male character, only to find there's hardly anything available for his little guy to use/equip/wear.
Plotted A Good Waste: Serfs and Swordsmen is a semi-realistic game based on historical information about the medieval era. Whichever gender you choose, your character intends to become an adventurer, but female characters have to overcome sexism in order to do so. NPCs are generally more cooperative toward male characters and unwilling to sell weapons or give quests to females. Female characters are often treated as social pariahs for defying social expectations. There may be an Attempted Rape situation which only occurs for female characters, or the male equivalent is an easier scenario in which he helps a woman fight off a rapist. Later in the game, the character goes from Rags to Royalty. It's easier for kings to exercise power than queens. Queens face a conflict between being a royal who actually does something and producing an heir, and there's even the chance of a Death by Childbirth-induced Non-Standard Game Over depending on the player's decisions while the character is pregnant. This has the effect of making the player feel the sexism of the era, while also creating a form of Difficulty Levels.