I too think Fellowship is the best. The movie was beautiful to watch, followed the book nicely, and I've always liked the beginning of the story. Before everyone was changed and became hardened to certain things. I like the innocent feeling that comes with the Hobbits, the sense of wise wisdom but still human Gandalf, and the feeling of hope that everyone has throughout the first movie.
All of this is slowly worn away as the story goes on--as it should be, make no mistake--and I always find it sad. It's like how I like Luke Skywalker better in A New Hope than Return of the Jedi, because he still has that brash farm-boy attitude.
The whole series is amazing however, and I will always watch them whenever they're on TV. And when I have the time, I'll pop in the special edition.