Of course students want professors with experience and authority on the subject matter, but at the same time they want a professor that can speak to their level, that is personable, human, and understanding of the difficult situations that many students may be in. They want a professor who clearly has a passion for their subject matter and can make any dull subject seem lively and exciting by channeling that passion, one who can improve those inevitable tedious lectures by injecting some humor and happiness into the room. They want someone that is most of all approachable. This will be a very important point on your student evaluations!! They need to feel comfortable coming to your office and sharing their "stupid" questions with you without thinking that you may be looking down on them for knowing less about the subject.
If you are all of these things, they will respect you. Title is completely irrelevant. There is no need to create a distance between you. They DON'T want a professor who is perceived as intimidating or arrogant.
I work as a staff member at a university, in an office that works primarily with professors and handles all of their merit and promotion packages. There are two main types of academics that I encounter. There are those who are very concerned with titles and formality, and are offended if addressed in the wrong manner. Because of these folks, we have to be very careful about we address academics in correspondence, and even have a chart we use that outlines what each academic title has "earned" the right to be called (e.g. "Professor" and even the word "faculty" belong to certain groups only). These academics are also often very condescending to staff, because clearly we must be below them on the social hierarchy for failing to earn advanced degrees and for taking jobs doing office work. Staff is a dirty word to them. If that’s how they treat us, I can only imagine how condescending they are to their students. Actually I don’t have to imagine, because I read student evaluations all the time that discuss how the professor was not approachable and did not appear to care about their students.
Then there are those academics who care very little about title and actually treat us as equals. They are friendly and personable. They don’t try to assert a level of authority through formalities but instead try to maintain a level of kindness and understanding through compassion and humility. These are good people, and they are very good professors. I love reading these evaluations because the students rave about how much they have learned and how much passion for the subject has now been instilled in them. These are often the professors that don't mind if students call them by their first name.
Which type of professor do you think students, staff, and colleagues respect more?