Wrestle Kingdom 12 without a doubt. Much higher match quality, much better undercard as well. The structure of the card was better as well. It certainly helped that I watched WK live at 8 AM whereas I was watching WM live at 3 AM.
Hard to disagree with what Vegeta is saying. Had you asked this question after the Rousey match I might have thought we were heading for a competition, but it has got to be historic how fast and how hard that thing fell apart last night just when it should have started picking up.