Some wonderful instruments mentioned so far. There's a difference for me between most prized guitar and favourite guitar. Favourite guitar is my 20 odd year old Takamine EN20, cedar and mahogany jumbo size guitar. Made in Japan just after the Martin lawsuit, and is sweet and thunderously loud. Gets better all the time, and is a real Martin killer. Most prized is the 1975 Rob Armstrong doubleneck acoustic, built in 1975. Spruce and blonde maple, full of great woods and 'unnecessary workmanship'. I found it in a junkshop in Stoke-on-Trent for £300 or so, complete with a handmade case, also by Rob. It's huge, with a matching voice, but needs to be played sitting down because of the weight! I play mandolin mostly these days though...
Tim