I've had one since Xmas of 1996 and I'll probably never part with it. To me there can never be too many racing games, because those were the racing games that cemented my affinity for the genre to this day! They're great games. I never played RPGs back then, so I didn't miss their absence. I also admit that I played the wrestling games back then as well, and had a blast, especially multiplayer. Tons of great couch multiplayer experience on the system, it was the party machine to own.
It's my favorite simply because it hit at the right time, with the right kind of games, and left an impression on me that no other console could ever again replicate.