Well, I've been joking about this but I do have to say what has been said in all these tournaments. It's a fun way to waste time. No great truth about life will be revealed and this is far from scientific research. You always see the same type of complaints whenever someone makes a Best Of List like Rolling Stones top 100 albums or whatever.
That being said, in the pantheon of Phish fans I'm probably at average to above average enthusiasm/dedication level. I've seen Phish like 75 times and I saw some classic shows... Murat '93, Dayton '97, 12/29/94, Big Birch '94... and some good ineligible ones... Clifford Ball, Went, Halloween '95, Cypress... I've listened to a lot of recorded Phish over the years but I don't feel the need to analyze it all to intensely or really focus on it on a collector level.
And without a doubt Denver '97 was my favorite live Phish experience... I remember it more vividly than any other show including all those Big Ones. I know most of that has to do with me and how I experienced it, but I've got to say, no matter how you criticize it or analyze it, it was fucking awesome.
The complaint I often hear is that it's too repetitive, or too chilled out, but to me it was a real non-stop dance party. It was the most continuously blissful show I ever saw and was in no way boring... it's peaks were plenty intense. The energy was so balanced and perfect. Plus, it's really just the first set that's seems chilled out. It's funny, I haven't listened to this in years... maybe I will.
Denver and 12/7/97 were probably the most "perfect" shows I ever saw.
It seems like the Island Tour show is more popular and I'd be surprised if it doesn't beat out Denver in the end.
If I had my pick of what show best represents the essence of Phish, I'd probably go with 12/30/93, but I'm no expert.