Now that I got the smartass Punjabi Prison match answer out of my system, real answer:
Favorite battle royal is the 1992 Royal Rumble.
Unbelievable story, the strongest cast of wrestlers in any battle royal ever, one of the best and strongest pushes of a relatively new character in WWE history, and the greatest night of announcing in wrestling history. It simply has no weaknesses.
EDIT: I went back through the list of participants. Look at this goddamn list:
Hall of famers: Ted DiBiase, Ric Flair, Shawn Michaels, Tito Santana, Greg Valentine, Nikolai Volkoff, Big Boss Man, Roddy Piper, Jake Roberts, Jim Duggan, Jimmy Snuka, Randy Savage, Iron Sheik, Hulk Hogan, Sgt. Slaughter, Texas Tornado
Non-hall of famers: British Bulldog, Jerry Sags, Haku, The Barbarian, Texas Tornado, Repo Man, Hercules, IRS, Undertaker, Berzerker, Virgil, Rick Martel, Skinner, Sid Justice, Warlord
Literally more than HALF of the field is already in the Hall of Fame, and a few more will definitely go in eventually (Undertaker, Rick Martel, Sid, British Bulldog). That's bonkers.