I think it's just very subjective on the person. Some guys like the power and kind of, I guess, knight in shining armour feel of paying for a girl, some girls like a man who'll look after them. Some people, which include myself, just simply like independence and so don't necessarily feel comfortable for someone to pay for them.
For me, it's not the man paying for me that I'd find attractive, it's the gesture that he'd want to. It would make him seem like a genuinely kind guy. I wouldn't let him pay completely; I think 50/50 is fair, or if not, at least paying back sometime with another day out or something, but that's just how I think. However, I'd walk away thinking that he was a pretty decent guy and that it was a nice gesture, as I'm sure a guy would think (hopefully) if the situation was the other way around.
If a man decides, and I'm going to say decides, to pay for a girl and likes to do so, then as long as she's not taking advantage of that, I can understand why it works for them.
Personally, my opinion is that if you want to be treated with respect and an equal in a relationship, then you should act in a respectful and equal manner yourself. However, I appreciate everyone is different. I know plenty of guys who pay for a girl because they found it difficult to express their emotions, and this was their way of showing their appreciation for a girl who'd supported them emotionally.
With the exception where it's being taken advantage of/pressured upon, in which case I'd find that completely unacceptable, I don't think there is a right or wrong answer, it's just finding someone who shares a similar way of thinking to you.