Kottke's got a post on his favorite blogs of 2004--including, of course, his own.
This is a nice idea and a way to thank some sites I seem to haunt regularly--so here's my list of favorites, defined as those I visit the most often--on my (500 feeds and rising) newsreader and straight to the page.

Compulsively visited
Gawker--My guilty pleasure--and everyone else's, too
Paid Content--First stop every morning
Buzzmachine--Jeff Jarvis was born to blog
Scripting News--Just as Dave Winer was born to invent blogging, RSS, podcasting and hula-hoops (okay, maybe not the last one)
Romenesko--Still consistent after all these years

Daily Doses

Searchblog--Search is Battelle's (current) beat
Dan Gillmor's eJournal--Insightful and honest new tech talk
Micropersuasion--Steve expects the unexpected
New Media Musings--I listen to JD's open media POV
Cool Hunting--Josh Rubin, design maven
EditorsWeblog.org--A media view from outside the US

Always a delight
Manolo's Shoe Blog--Theese Manolo, he the superfantastic funniest blogger

Stereogum--Never boring celebrity dish, with pix
The Superficial--Mean, shallow, and marvelous
Go Fug Yourself--Girlz just gotta have fug
BoingBoing--You know how good they are-- Xeni rocks!
Waxy.org-Righteous links
Standard Deviance--Ellen tells it like it is

Gonna stop there-could list about 40 more...