The Tom Petty Greatest hits album is far and away my favorite. In addition to great sequencing, song selection, they include an additional(new) classic in "Last Dance with Mary Jane"

Even though I prefer to listen to his proper studio albums, Bob Dylan's Greatest Hits Vol 1 is pretty good too.

Bob Marley's "Legend" Is outstanding as well.

Some artist I wouldn't mind seeing Greatest Hits albums released:

Rage Against The Machine
The Roots (maybe it's too soon)
Beck
The Flaming Lips (they have one for pre-1990 material, but nothing after that)

I don't even know if I'd but any of these as I have all the studio albums, but they'd be good introductions for people not familiar with their music.

My favorite Greatest Hits albums have always been of the chillout variety i.e. Everything But The Girl and Sade'. Probably because chillout bands overall output is pretty spotty, but when they nail a song, it's incredible.

A Greatest Hits WTF Moment: what's the deal with R.E.M.'s Eponymous? That has to be one of the worst compilations of some of the greatest music. Poorly sequenced + bizarre tracks = suck.

i like creams greatest hits