Oh, tough question. Both, neither. I disliked the earlier DS9s, they were trying to do TNG, but without the ship which makes things difficult. Boldly going without a ship is difficult. It was too nice, too clean (apart from a station that was falling apart), but anything regarding the moral dilemmas of the Marquee were interesting. DS9 got better as the series went on and the crew went into some real dark places. In the Pale Moonlight is one of my favourite Trek episodes - ever. Another favourite is the one where O'Brian is undercover in the Syndicate. I liked the fact that the characters had flaws. The War helped in this respect. That said, the one thing that I hated was the religious element of it, when Sisko went all "I'm the Emissary" it drove me nuts (other than that I liked Sisko).
Voyager I enjoyed because it went back to the roots of Trek - Boldly going where no man has gone before. This was what annoyed me about TNG, considering it was boldly going there were an awful lot of spacedocks. Voyager was out there, on its own and had to cope by bending the rules if necessary. The Janeway-Chakotay mix was great here, it reminded me a bit of the Kirk-McCoy relationship. Now that said, I thought that it lost its way a bit after Scorpion. Don't get me wrong, some of the best Voyager episodes were after this (Year of Hell for example), but they started putting the crew in situations and then had them get out of it by having 7of9 use the latest Borg widget. It's like being invulnerable in a computer game, it gets you through the level but soon gets boring. Similarly with the Borg, jeez did they go wimpy in the Delta quadrant.
So after my rambling disjointed argument with myself... I'm going with Babylon 5.
Katala - sleeping during B5 - sacreledge (ok, I can't spell). But to be fair, S1 was scene setting, S2 was setting up the plot, S3 and 4 is where it all the action happens. Just wait until "Severed Dreams" (my personal favourite), and if you fell asleep during "Babylon Squared" then go back and re-watch it! The thing to remember is that it is all important (well, with one or two exceptions), everything is part of one big story and when you get there you'll see all the pieces fit together.