I'm a new guy, and at my (non-coiner) level, I like the Phylarch tourneys best, because I know I can do well in them. I've maxed the skills that help the Phylarch (skill speed, aether speed, combat points), and sub those into my slots whenever a Phylarch tourney starts.
I suppose I'll play 2.2x PP and PvP most often, with my coalition usually getting the highest multiplier, the rewards are mostly acceptable. But one really has to play them all to get the different reward types needed: sketches, marks, scrolls, troops, GPs, ...
But I usually go less by tournament type than by a few other rules:
m2cw
P.
That would be a tough choice for me to make.
I absolutely love the 2.2 multiplier pvp tournaments.
I also love the Capture the Flag tournament cause 9/10 we get 1st place!
But I think my favourite tournament is the Pantheon Massacre!
You kill pans and get back 90% of your troops for free!
And though your opponent also get 90% of their defense back they also lose resources from the pantheons that are being downgraded.
Plus the resources needed to get the pantheon back to level 5.
I think the defensive coalitions lose much more than the offensive ones!