My list of favored psalms is quite short, so choosing a favorite isn't the toughest call. But I'm quite fond of Psalm 23, so here - for lack of an original thought of my own - it is:
1. The Lord is my shepherd; I shall not want.
2. He maketh me to lie down in green pastures: he leadeth me beside the still waters.
3. He restoreth my soul: he leadeth me in the paths of righteousness for his name's sake.
4. Yea, though I walk through the valley of the shadow of death, I will fear no evil: for thou art with me; thy rod and thy staff they comfort me.
5. Thou preparest a table before me in the presence of mine enemies: thou anointest my head with oil; my cup runneth over.
6. Surely goodness and mercy shall follow me all the days of my life: and I will dwell in the house of the Lord for ever.
I suppose that it would by typical to appreciate most the imagery of green pastures and still waters (especially in a desert religion's book), but I am (usually) most taken with 23:5. I suspect that whatever it is about me that likes that verse is the same part that likes this bit of "32 Flavors," by Ani DiFranco:
"God help you if you are a phoenix and you dare to rise up from the ash. A thousand eyes will smolder with jealousy while you are simply flying past."