I've got mixed feelings about FR. On the one hand, it's the setting that introduced me to D&D (via Baldur's Gate for PC in 1999), and I like it a hell of a lot more than Greyhawk or *shudder* Dragonlance. On the other hand, I still find it bogged down with over-development, and I'm fairly put-off by settings that are nakedly composite. (The parts of FR that I like are the ones that don't seem to be "tacked on".) Waves of arbitrary world-changes didn't help it either.
I really liked the Nentir Vale, although it suffered due to its narrow scope. Overall, my favorite setting is Eberron by a wide margin, because it feels like it was constructed in its entirety with a lot more care than was FR. (I think FR has a lot of carefully constructed parts, but they don't feel like they were initially imagined together.) Furthermore, I think one of Eberron's strengths is that the published setting has remained firmly focused on Khorvaire in the year 998YK, which is a politically-loaded place and time. Individual players and DMs can plausibly shape their own future Eberron in almost any direction from that point. FR changes with or without you.
I really liked the Nentir Vale, although it suffered due to its narrow scope. Overall, my favorite setting is Eberron by a wide margin, because it feels like it was constructed in its entirety with a lot more care than was FR. (I think FR has a lot of carefully constructed parts, but they don't feel like they were initially imagined together.) Furthermore, I think one of Eberron's strengths is that the published setting has remained firmly focused on Khorvaire in the year 998YK, which is a politically-loaded place and time. Individual players and DMs can plausibly shape their own future Eberron in almost any direction from that point. FR changes with or without you.