It really depends on what you want the most out of a room. There is a long list of great rooms, but they all have different attributes that make them good.
The 2 best for me are Party Poker and Poker Stars and are the only 2 I play at the moment barring any bonuses that I am trying to take advandtadge of.
Party Poker features some of the softest games on the net, and anything short of 3-6 limit and $100 NL are good bets for easy cash games. The software is good as well, and they tend to offer at least one month reload bonus for around 20-25% up to about $100. Free money never hurt anyone.
I don't like their tournaments though. They leave you too shortstacked to start with and it turns into a race situation. However, they do have very poor compe ion in their tournaments right up to about the 100 dollar buy in so you can make quite a bit.
But for me, Poker Stars is where its at for tournaments. They have tons more and the structure is much better. The skill level is better, but not overly so and you can still beat the game quite well up to the medium buy ins.
BTW - I'm talking all single table tournaments here. I don't play many Multi Table tourneys so I'm not sure where the best of those are.
Stars has tough ring games though. They are way rougher than Party, and you won't win nearly as much there if you're a good player, and you may not win much at all if you're only a decent player. They offer a reloads every now and then, but they don't have a first deposit bonus which sucks.
So I play Party for ring cash games, and Stars for tourneys.
I've played Poker Room and they are pretty decent as well. They have a monthly reload bonus and have decent games but the ring games are pretty tight as well.
Pacific is super loose and probably has the worst players you can find anywhere online, but their software just sucks ass. They also have one of the higher rakes online which makes it much harder to beat the lower limits.
I play Hold 'em exclusivly so I don't know what to tell you if you play Stud or Ohmaha.

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