I probably have to say I enjoy Raw the most currently. Not by much though. Raw has and always will be, the flagship show of the WWE and Profession Wrestling for that matter. I only watch 4 shows which are: Raw, Smackdown, ECW and TNA iMPACT. I haven't seen much of ROH or any other international promotion for that matter. But my opinion does change on a weekly basis as Raw isn't always the most consistant show. Sometimes I enjoy Smackdown or even ECW, more than Raw. It really depends on the booking and the matches the shows provide on a weekly basis.
Raw has plenty of talent, not as much as what it had before the draft though. Raw's current main eventers are: John Cena, Randy Orton, JBL, Shawn Michaels, Chris Jericho, Batista, CM Punk, Kane and Rey Mysterio. That is why Raw is the top show in the WWE, because they have plenty of decent main eventers. Raw isn't known for putting on good matches on a weekly basis. It is more used to advance storylines using promos and non wrestling segments. Raw is very fresh right now with new talent like CM Punk, Batista, Kane and Rey Mysterio being placed in fairly interesting storylines, as they were only recently drafted to Raw. Raw isn't by far the perfect show, but one could argue it is the most entertaining show at the present moment.
WWE's #2 show known as Smackdown, is currently very fresh and entertaining due to the amount of talent the show received in the 2008 Draft. Smackdown has a great amount of main eventers, as well as mid-carders that are almost ready to be pushed to the top. Smackdown in my opinion, is the most consistant show as it usually provides 2 great t.v matches that are worthy watching. Smackdown doesn't have many promos, as it advances storylines through the great matches and post match beatdowns. It is often, more entertaining than Raw as Smackdown has amazing young talent that I love watching every week.
ECW is seen as a development show for the youth and rookies. It has some veterans to teach the youth in Matt Hardy, Finlay and Mark Henry. Even though it is only a 1 hour show, ECW puts on some of the greatest matches of the week on a constant basis. Guys like John Morrison, The Miz, Matt Hardy and Finlay are always entertaining to watch. ECW is also well known for pushing brand new talent such as Evan Bourne, Ricky Ortiz and many more. It usually only has 1 main storyline carrying the show. ECW is entertaining, but not as much as Raw or Smackdown are.
The opposition company TNA, provides us with one 2 hour show every week. It has talent that were in the WWE and WCW in one stage such as Sting, Christian Cage, Kurt Angle, Rhino and many more. I watch iMPACT for the good wrestling matches they provide weekly. Guys like A.J Styles, Samoa Joe, Kurt Angle, Christian Cage, The Motor City Machine Guns and LAX, are just so damn entertaining to watch especially in the ring. The booking is poor compared to the WWE and it is the one thing that is holding TNA back from becoming a serious contender to the WWE. The problem about TNA is that whenever a view a weekly iMPACT, I struggle to remember what happened on the show a day later. It's almost as if nothing sticks in my head, despite only watching it not long ago at all.
Raw and Smackdown are currently the most entertaining shows in all of sports entertainment. Raw slightly edges out Smackdown due to the interesting storylines and new champions we have been seeing lately. But that's not to say that I never enjoy Smackdown as much as Raw. As Jake said, it also depends what kind of mood I am in. I watch Raw for the entertaining product it provides me weekly. That is the sole reason why Raw is the number one brand in all of professional wrestling.