We doing combined Load-Reload tracklists?
1. Fuel
2. The Memory Remains
3. The Outlaw Torn
4. Mama Said
5. The House Jack Built
6. Until It Sleeps
7. Hero of the Day
8. Bleeding Me
9. Where the Wild Things Are
10. Low Man's Lyric
11. The Unforgiven II
12. Fixxxer
This is my favorite era of Metallica. However, neither of the albums are among my favorites—because I think they both suffer from inconsistent quality—though contra Kev I think that problem is much worse on Reload than it is on Load.
The album above, if it existed, would be my favorite Metallica album, and it wouldn't even be close.
That said, I think the decision to make two albums was the correct one. I think they were right to think that there was more than one disc's worth of material from those sessions that deserved to see the light of day. I just don't think they should have done a jam-packed album and then another pretty full album. They released 27 songs from the Load era; I think they should have released about 20 on albums and packaged the rest as b-sides.
I would have killed Poor Twisted Me and Wasting My Hate from Load, and Better Than You, Carpe Diem Baby (I know, but I actually dislike this song), Bad Seed and Attitude from Reload. Prince Charming and Cure are borderline cases. I'd lean towards killing them, but I could be persuaded into keeping them—they aren't really bad, but they are middling and drag the overall albums down. That would leave us with an 11-12 song Load and an 8-9 song Reload, so maybe shunt one or two Load songs over to the second album—Thorn Within might be a good candidate, and there you have two albums that IMO would stand up among Metallica's best. They'd probably rate 3rd and 4th in my rankings behind Ride and The Black Album. As is, these albums fall 5th and 7th (MOP lies between them, the debut and the obvious one lie below).