Since I'm always in the mood for piecing I guess that has to be my favorite... I just love seeing the parts come together to make blocks! I think that's why I love scrappy quilts so much because each block is different. I hope that thrill never goes away.
Planning, quilting and binding are also very enjoyable to me. Cutting and assembling the blocks into a top are tasks that I tend to put off but enjoy once I get started. Sandwiching is a stall point for me so I try and do several at a time to get past it and get back to the fun stuff.