ok, so let me get the ball rolling: these are my favorite phantom's
new york: howard mcgillan, hugh panaro, marcus lovett
london: john capes, mike sterling, john owen jones

I've never seen any of these live (actually I've never seen any Phantom live, but I will be seeing John Cudia on May 24th), but from what I've seen on YouTube, here are my top 6:

1. Michael Crawford (THE Phantom. Owns all others!)
2. John Cudia
3. Hugh Panaro
4. Ramin Karimloo
5. Howard McGillin
6. John Owen-Jones

They're all really close though, espcially the top 3.

I saw the Australian musical with Anthony Warlow. Oh. My. Goodness.
WOOOOOW!
I mean really. WOOOOW!!

I love Anthony Warlow!

Oh God, Anthony Warlow's voice is the auditory equivalent of really fabulous sex! Maybe a little better. Yum!
I have to admit to having a special soft spot for Brad Little as he was my first. He's such a sweet guy too. Put up with me as a hyperactive teenager in a mask and cape every weekend while the show was in town begging autographs and stories off him. I think Rebecca Pitcher is probably a little scared of me at this point. She was with the company when I saw it back in Iowa where I grew up, in Chicago, in Minneapolis, and in Tampa. All in garb. *sigh* good times.
I've also got a warm place reserved for Scott Davies my first London Phantom. Also a very nice guy.
And John Owen-Jones is just fabulous. I got a kiss on the cheek from him the second time I saw him dressed as Christine!
Also have seen Hugh Panaro, Gary Maur, (oh GOD could I tell you funny stories about watching his performance) and a very sweet understudy in NYC the last time I went who was about a million kinds of adorable with the monkey.
I'm also rather fond of Graham Bickley (studio cast recording. For whatever reason his PoNR just makes me all hot and bothered.) and Peter Karrie. Not the greatest singer, but dear God the emotion that man puts behind everything! Also he has some fun bloopers. Also got to lay props to Michael Crawford. He and Sarah are why I ended up permanently hooked at the age of 3.

My one (actual) stage Phantom I've ever seen is Richard Todd Adams. (Tour, June '08.) He was awesome!