Man, I was really torn between Water or Earth, but I decided to go with water. It's just amazing and I love the power and appearance of water. Even without considering that all (or almost, I don't know) living beings have water in them, I can use the power of water and even turn it into ice! I wonder if you can make it go steam too... I also wanted Earth because of what can be constructed with it. I don't see Fire as that great. Yeah, you can do lightning, melt things, set things on fire, control fires that is already on the field, and don't need resources (you make your own fire), but even offensively speaking, if I bend your blood, you'll never bend anything, since it needs to make some movements before bending (and lightning needs even more). Even if you summon a lightning, I could make you stop moving in the middle, so the lightning remains in you and you're screwed. I wonder if you can freeze blood...
Anyway, making ice sculptures, buildings and stuff would be awesome! Getting water from my filter or the refrigerator would be so fun (and I wouldn't need to go to the kitchen (probably I'd have more work by making all the moves necessary to bring the water to me, but I'd have fun doing that). Besides, I would never have to worry about getting hot drinks ever again! My coke/beer is to hot? Not a problem! XD
Air would be nice too. I'd like to master it so I could control enough air in order to fly, or at least ease my falls, so I would never have to worry about height (Aang doesn't fly with this - except in avatar mode - but I think it's possible with enough control)