The Elm Street franchise is probably the reason I love movies as much as I do. I'm not really into conventions, but even I had to go a few years ago when it was announced that Robert Englund would be appearing. I met him, and I have the autograph framed and hanging on my wall. It's one of the only movie-related things you'll see in my house that isn't a DVD.
My favorite of the franchise is still the first one. I love the atmosphere of the film, and I still love the concept the Wes tapped into to. The idea that someone can never possibly escape their worst nightmares is about as scary as it gets. Don't want to see Freddy? Just never go to sleep again. Damn scary idea.
A few years ago, I could have sworn I read that the homosexual subtext of the second film was completely unintentional. I'll have to research this further. That would be disappointing because it's really the only thing that film has going for it (outside of maybe the musical score). I'll admit that I love the pool scene, but only as a stand alone Freddy moment. It doesn't work at all in the context of the film or Freddy's backstory.
The third one is pretty close to a solid movie. Admittedly, I've never been a big fan of Freddy as the jokester, but this one has a good enough mix of elements that Freddy still feels more sinister than not. Lots of good stuff in this one.
I don't really care for the fourth, fifth and sixth films all that much. If they're on television, I sometimes throw them on for a bit, but I don't remember the last time I sat through one of these all the way through. I guess I'd pick Dream Master as the best of the three. I always thought Dream Child was boring. Freddy's Dead is horrible, but I actually laugh when Freddy says, "Nice hearing from ya, Carlos!" Plus, the scene where Freddy is yelling behind the deaf Carlos always felt like it should be in a better movie - it's decently effective.
I've stated it before, but I love New Nightmare. It's not really a slasher movie at all, but that's not really Freddy attacking Heather anyway. Seemed like Wes realized that the only way to make him scary again was to throw the idea of the character into a new realm of horror. I still think it works well enough. And I agree that the musical score is very good.
I have a love/hate relationship with Freddy Vs. Jason. I first saw it in a packed theater filled with slasher fans, and it was a fun experience. I watched it by myself a few months later, and the fun just wasn't there.