Fair Warning is awesome; I think that is definitely the 2nd best album of the Roth era, behind the debut of course.
F.U.C.K., Balance and 5150 would round out my VH top 5.
III is still a good album, damn it. Some of the songs haven't aged well for me, but Once is still one of my favorite VH tunes, and Without You, From Afar, Fire in the Hole, Dirty Water Dog and Ballot or the Bullet are all good tunes.
Diver Down is easily the worst, with OU812 only a little better.