It is a bit of hard call to be honest as up there in my top 5 would be a beautiful classic Aran sweater, a delicate lace evening shawl with exotic fine fibres (the Yarn Harlot mentioned once knitting a wrap out of metal!), a quilt cover (for sheer persistence) ...However, my vote at the moment would probably go to a long, 1 or 2 ply lace jacket. I've seen a couple on Ravelry and they are jaw-dropping in their complexity, the will-power of the knitter and the sheer beauty of the finished transparent fabric. Even a non-knitter would admire the finished product without the realisation of the months it would take to finish it.
Back to reality, my own 2 ply lace is coming on very slowly indeed. I started back in November a lace wrap made from a gorgeous Suri Alpaca yarn from Lawithick Alpacas in a flame pattern. And this is the state it's in...those who will have seen on Ravelry will notice it hasn't advanced at all in 3 months.
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Unfortunately, a combination of Christmas knitting, design projects and general life has got in the way of me carrying on this project. I've recently moved it away from the shelf above my desk, to my stash......I've been telling myself it is to avoid dust settling on it, but really it is probably to avoid its reproachful presence at its state of neglect. Will get to it soon.......maybe next Christmas?