I've gotta go with the remake. R. Lee Ermey's character is a great addition to the franchise. Nobody does crazy like that guy. He provides the kind of demented, uncomfortable laughs that really fit this franchise. Yeah, he's probably the only genuinely inspired element. But Jessica Biel is a fetching heroine (to put it mildly), the kid characters are less annoying than they are in the original, and the film is competent across the board. It's definitely a little slick--and much more mainstream than most of the other follow-ups. And I think the protracted final act loses steam a long way from the finish line. But the other films on this list have much greater faults in my eyes.
I'm generally a shameless Cannon apologist. But I've always thought TCM 2 is a really terrible film. I understand what Hooper was trying to do. I just don't think it works. At all. It's definitely a unique film. So I can understand the appeal. And I give credit to Hooper for going so far in a different direction. But despite multiple attempts I've never been able to get into it.