Yes, it is a difficult question. I would probably add my vote for the Ffestiniog simply for its variety of steam locomotives and busy line, from 2-4-0's to 0-4-0+0-4-0 Fairlies. For historical interest, the Talyllyn can't be beat, however, as it was one of the first (if not the first) in the world to be restored by volunteers. The Vale of Rheidol (sp?) has several nice 2-6-2 tank engines, and for a while was the only British rail steam line (now independently owned).
In a few years, the one to ride will be the Welsh Highland. It currently uses one of the Ffestiniog steam locos on light days, but in the busy season, uses one of two (so far) ex-South African 2-6-2+2-6-2 Garretts. It is in the process of doubling its length in 6 months, from around 3 miles to around 6 miles, and within a few years they hope to have rebuilt the whole line from Caernarfon to Porthmadog to connect with the Ffestiniog. A group is working from each end. Check out the several Welsh Highland pages to watch an exciting restoration in progress.