No contest ... Raw. It is the most well-rounded WWE brand as far as entertainment and wrestling talent is concerned, it's live, it has the best entertainers (John Cena, DX, Edge) and the best wrestlers (Carlito, Shelton Benjamin, Super Crazy) and the best commentary team.
Second place is SmackDown! Good, but occasionally vanilla due to it being more family friendly. In addition, it's taped and has lots of really cheesy gimmicky characters, like The Boogeyman and the "Teacher's Pets". I do have to say that I like JBL's work on color commentary, and it's the main thing that keeps me coming back - favorite westlers on this brand are Finlay, Mr. Kennedy, Jimmy Wang Yang and Vito (he's good for a laugh, and can get it done in the ring).
ECW is a distant third. This is definitely not the ECW we knew and loved - it's C-Grade sports entertainment. If anything, it proves that Vince McMahon doesn't have a clue as to what made ECW so great. Paul Heyman is nothing more than a figurehead for the brand with no power. It's a dumping ground for wrestlers that couldn't get over on other brands (Rene Dupree, Test, Matt Striker, Sylvester Terkay, Daivari, etc.). There are way too many slow moving big guys in ECW (The Big Show, The Great Khali, Test, Mike Knox, Kevin Thorn, etc.). Rebecca always sounds nervous (and clearly like she's reading from a cue card) when she does an interview - clearly she's only up here because she's sleeping with Batista, who must have some stroke with the company. Finally, Joey Styles & Tazz repeat themselves far too often and lack chemistry - which may have something to do with the pressure that McMahon puts on them to call matches a certain way. Positives: The Sandman, RVD, Sabu and CM Punk. Yeah, all faces. ECW needs to bring up some better heels instead of the boring ones they have now.