2e was *my* edition. I started gaming in '89, just as it hit. It's the version of D&D that I'm most familiar with, the one that I can run most smoothly, and the one that I hold the most nostalgia for.
Rules-wise I like it better than 1e. For one thing, you can actually find things in the rules! The 1e DMG is a far superior product, but it's a bugger for looking stuff up. I've never liked having to look up to-hit tables, so THAC0 was always good (until you had to explain it to new players). It's less contradictory, more streamlined, and (an important thing that 3e disregarded) it's almost completely compatible with the previous edition. You want to run Keep on the Borderlands? Go for it, crack it open and you can start right away.
Looking back, fluff-wise I like it a lot less. It's much less influenced by the pulps than 1e was. The game doesn't feel as dangerous. I can't pinpoint it, but it's a lot of little things. No assassin players. Discouragement of evil PCs. No half-orc. All the demons and devils renamed, and the demon princes and arch-devils gone completely. The focus of the game shifting from the dungeon.
I don't hold a lot of fondness for the settings. We played in a pseudo-Forgotten Realms cobbled together from what we read in the novels, but none of us paid much attention to the official setting. We played a little Dragonlance, but got sick of kender and draconians all the time. None of the others got much time.
So I've played a lot of 2e, moreso than 3e. I played a bit of BECMI D&D, and enjoyed that a lot - it may just be the game distilled to its purest form. I've never actually played 1e, just scoured the rulebooks, and the same goes for OD&D - I'm actually thinking of running a time travel game that runs through every edition, but that's a topic for another day.