(didn't read the whole thread yet... my apologies.)
The problem I encounter is not comparing *favorite band* vs. *best band*, but rather "favorite album" and "best album" by each band I listen to.
For example, my favorite Beatles record is the "White Album." Technically, musically, production-ally, innovatively, and historically speaking, however,
Sgt. Pepper is the best them
.
Abbey Road is also overall a better record IMHO. However, these albums are my 5th and 2nd favorite albums by the Beatles, respectively. The "White Album" has just always been my favorite... it's one of those "sum of its parts" albums.