My understanding of Gurps flaws is that it's "role play it or the GM hits you with books and takes away points". Savage worlds however, from what I recall, is more of a middle grounds between story and system.
Gurps offers you extra character building points for taking flaws, which you're then expected to roleplay. Several of them allow the GM to simply do things (because you have an Enemy, he shows up), while others are expected to roleplay (Depression) with no mechanical penalties except for the GM grumping at you if you don't do it right. As such, it's very easy to break by simply taking a giant pile of flaws that will either never come up or are transparently obvious (taking a Phobia of Vampires in a spy game, taking Enemy: The Campaign Villian You'll Be Fighting Anyway). And because the flaws aren't particularly limited, this is where the old joke comes in about playing a one-armed wheelchair-bound mute alcholic foreign midget with a crippling phobia of worms, because that lets you min-max his powers to the point where he can read minds, use telekinesis and fly, overcoming all his supposed flaws.
Savage Worlds falls somewhere between this and FATE. You have a limited number of Hindrances you can take, which allow you some extra build points at the start. Some mechnically penalise you (you're Gutless, -2 to all Fear checks), or are expected to be roleplayed (you're Loyal, you won't leave a man behind). The GM is expected to pay you out in Bennies (reroll tokens), however, when you roleplay your flaw properly.
FATE, for those interested, offers no build points for your Aspects, but pays out reroll tokens on the spot as and when these come up. So if you don't play into your flaws, you never get Fate Points to power you up. The GM can also just use them as story establishment. One that's come up plenty of times in my games is "Sucker For A Pretty Face", where the hero gets lured into a dark alley by the beautiful woman, jumped by thugs, and has the Plot Object stolen off him. The GM simply offers up a Fate Point, and says "Because you're a sucker, you never think this could be a trap..." and moves ahead with the story, without bothering to give the player, say, a Perception check to see the thugs, or checks to soak the damage. Of course, the player has the option to reject the Fate Point - "I am a sucker, but with the Object of Doom in my possession, I'm more suspicious than usual..."
Fate works the best for it, but is a very story orientated game when laid up against DnD. Savage Worlds is a good option between them.