They're overrated but I still like 'em. As far as my fave, Houses Of The Holy or Physical Graffiti.

My Mother was a Zeppelin fan so I remember hearing them around the house my entire life. I went through a long period where I was so burnt out on their music that I didn't listen to them for about 15 years...but then that 2 DVD set came out with all the classic live footage and that re-ignited my passion. I then went back on a Zeppelin kick and bought the complete studio recordings box set.

I like all the albums to varying degrees, but the following are my absolute favorites.

Led Zeppelin I - This album always makes me think of my Dad, this was his favorite album, he passed away a few years ago and I listened to this one ALOT during that time, helped with the mourning process.

Led Zeppelin III - Love this album for all the acoustic and folk elements, proof that you can play acoustic and still be "heavy".

Physical Graffiti - The "least played" by radio and probably one of the reasons it still sounds so fresh.

Houses Of The Holy - The Ocean and The Rain Song...'nuff said.

Presence - Tea For One is my all-time favorite Jimmy Page performance.

Led Zeppelin excellent band but where I live they are over played on the radio, my favorite Led Zeppelin is " Physcial Graffiti" simply because it covers so much musical ground. I do not believe Zeppelin ever put out a bad album, I even like the " Coda".
As far as live albums IMO " How the West was Won" is definitley better than " The Song Remains the Same' but I recently upgraded my "TSRS" with remastered and expanded version and I have to say it is a vast improvement.
My least favorite Zep album is IV but that is due more from over hearing the songs than the actual quality of the material.