The Wolf Man is my favorite Universal monster film. Chaney Jr.'s physical performance of Talbot and the Wolf Man are so very unique. I still find that you have to really pay close attention to detect that they were the same actor. It was a different world back then, but Talbot still comes off as a bit of jerk and a little creepy. Yes, I was spying on you with my telescope, isn't that charming of me? But you still feel for the big dope after he realizes what he has become.
Dracula is my second favorite. People above have described it as boring, but I've never found it so. Yes, it has no musical soundtrack, but I find that to be one of the most powerful aspects of its moody dread. Of course you could argue that there are many missed opportunities from Dracula's brides to his off screen final confrontation with Van Helsing, but there is still so much that is told with sound and visuals that I cannot condemn it for it's faults. Less sometimes is more, I guess. Lugosi always seems to be in control of the room and Fry's Renfield still gives me the creeps looking up out of the hold of the Demeter.
There is also one thing that I find so much more appealing about these old Universal Horror films and that is that the villains are allowed to be bad. They slaughter innocents, cause terror and when on occasion you are asked to sympathize with them, it is never spoon fed to you by other characters.