I started playing towards the end of 1st edition, and converted to 2nd ed. as soon as it came out. I tried
3e for a while and just as I thought I had it figured out 3.5 came out. There are things I like and dislike about each of the versions. I really like the 1st ed. Players Handbook and
DM Guide. The fowards are both excellent and the examples are great. I like the variety of 2nd ed., with all of the monsters and spells that were published, it makes creating adventures very enjoyable. The best I can say for 3.0/3.5 is that the rules make it eaiser for people to learn.
I never really played the original version but I have to agree that the Rules Cyclopedia is a masterful book.
I ended up voting for 2nd ed. because I always had a blast
DMing adventures and its the one I'm most comfortable with.