Which faction do you like the most in Heroes of Might and Magic IV?

Elves are pretty good. Their elementals, or whatever they are, are some of the coolest creatures on Axoth (in Heroes).

Added 1 minute ago

I like Chaos ;) It's a shame that there's no Chaos in Heroes V anymore, only those popular dark elves...

Haven't you heard that the last add-on will be released soon, featuring Orcs (Chaos, Barbarians, Stronghold - call it what you want).