As someone who got into GL during Johns' era, that will probably always be my favourite one. I have gone back and read several of the older GL runs, but while there are good times (and some terrible times), I think your preferred version of a franchise is usually the one you originally fell in love with.
I do have a huge soft spot for Silver Age GL, though that might actually make sense, seeing how Johns' paid homage to many elements from that era.
Current state of GL franchise is, in my eyes, quite sad. Venditti has failed to deliver a single solid story arc, fumbling every time at the end. He has also put quite a lot of effort into destroying many things that Johns' run set up, but hasn't actually established anything new that would be good or interesting. Since he didn't get replaced at Rebirth, we are probably stuck with him for at least another year, which means 24 issues thanks to the double shipping.
One of the problems with GL, besides Venditti, is that there seems to be this mindset that every story needs to be IT'S THE END OF THE WORLD AS WE KNOW IT. Part of the appeal of GLC is that you could have all kinds of stories set in space. The big event stories only feel big if you also have smaller stories, and we haven't really had those in a long time.
Oh, and Hal is my waifu.