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I liked 4th edition best. The newer additions have some great stuff (like hull points and the new vehicle damage chart), but I consider most changes to be a step backwards with lots of added complexity for very little benefit.

I had a great deal of fun with 2nd edition and I have soft spot for it. I loved the goofier models and the stronger character of the armies in general. I loved modifiers, but the complexity and exploitability kills 2nd edition in the long run.