Well, I assume we're talking about the best village compared to its price because otherwise we're talking Border Village or Lost City I think, without much question.
For its price though, I'd say Fishing Village. C'mon guys, when was the last time you passed up one of these for 3 coins? I pick this sometimes over silver just for the payload, but its ability to guarantee you multiple actions on your next turn is what really makes it shine.
My favourite village is probably Nobles. Both parts of an engine in one card? And some VP? Yes please.
The village I overbuy too much is Shanty Town. The phrase, "Shanty Town, Shanty Town, Shanty Town. I have three coins. I buy a Shanty Town," should be etched on my tombstone.
A good case has been made here for Wandering Minstrel, and I certainly agree that it's powerful. I think it would still see a lot of action at 5.
Plaza is a real sleeper card too. There's so many nice tricks you can pull off, like Plaza-Library and Plaza-Menagerie. It's a great buy, and its power is not necessarily obvious at face value.