I love Van Halen both with DLR and Hagar. VH1 would still be my favourite VH album, but 5150 is right behind that. Hagar era had the most amazing ballads, and they had a lot of great rockers that went totally under the radar.
OU812 is weaker, and I don't even bother with Balance at all, but 5150 and F.U.C.K are great albums, and I rank them very highly. Hagar has one of the craziest voices. Love the guy.
Being a "newer" VH fan, I've never felt the need for comparison, or choosing one era over the other. Hagar was undoubtedly the better singer, and that lead to the better ballads, but DLR has a charisma that can't be matched, combined with early VH's raw rock edge to create that hard rock magic that is pretty hard to recapture.