I summarised my thoughts on page one of this thread. The order of the top albums has not changed with one exception - I think Physical Graffiti has moved ahead of Led Zeppelin II (although having said this I played the latter yesterday and thoroughly enjoyed it). PG is one of the very best double albums, especially impressive given that it has no central concept (unlike The Wall or The Lamb Lies Down On Broadway) and that it used a number of outtakes.
My list:
1. IV
2. Physical Graffiti
3. II
4. I
5. III
6. Houses of the Holy
7. Presence
8. In Through The Out Door
9. Coda
I definitely prefer Presence to ITTOD - the former while perhaps not their absolute best set of songs, at least rocks hard (with a bit of blues) and prominently showcases Page's guitar and the mighty Zeppelin rhythm section. I also think that it has three really strong songs in Achilles' Last Stand, For Your Life and Nobody's Fault But Mine. I can enjoy All My Love and totally understand why Robert wrote it but... I don't listen to Led Zeppelin if I want ballads, and the light keyboard sound that defines much of the album just doesn't sit right with me. I was glad that for the Celebration Day gig in 2007 they played two songs from Presence but ignored Out Door in it's entirety. Having said this though, ITTOD is a proper album and therefore I feel it has to go above the outtakes and bits and bobs that make up Coda. I don't dig the piano-led South Bound Saurez as much as I do the trademark Zep blues rock of I'm Gonna Groove, but I'd far rather have it than Bonzo's Montreux!