Well, first off, this is a HUGELY broad question, simply because there are so many different types of machete, from those used for clearing grass and chaff........to those used for vines and undergrowth in a dense jungle or forest.........to models designed for brush removal and even light chopping. In addition to different uses, there are so many different styles........and then you get into the many different price points.
Svord, mentioned above, makes good products, even great, but I'm not going to pay $300 for a machete. Then, you can get a cheapo machete for $4.99 at Harbor Freight. ( Actually, Harbor Freight has a machete styled kinda like a Panga Machete or one fo those Chinese swords with the larger swept tip that actually performs quite well for a very inexpensive piece. )
I do have a number of standard Latin-style machetes, even one I made myself. However, I prefer longer, heavier duty machetes in the mid-price bracket, and that is where my "favorite" machete sits at the top of the gigantic heap. By far, my favorite heavy duty machete is the:
Condor 17" Parang Machete -- $49.95
Not only is it a beautiful piece of bladecraft, but its hard to find a better quality/price ratio blade in all of the knife world. The blade is 1/4' thick at the spine and handle but is distally tapered. The gracefully curving blade gives you enough forward weight to slice with speed, but it is, despite its slim appearance, very sturdy and strong, as well.
THe handle shape is great, although I find it to be just a bit too thick. So, I put mine on the sanding belt and made it thinner and made the vertical profile a bit more oblong. Then, I use my secret weapon on it............Wilson Tennis Racquet Grip cover, specifically the Cushion Grip Pro model. I use this on all my machetes and choppers. Its very comfortable and cushioning, looks good, and is also tacky so it won't slip when wet.
Also, while the Parang comes out of the box sharp enough to do any cutting chores, I do a litte work on the blade, as well. I don't necessarily convex the blade, but In get rid of the shoulder at the top of the bevel by grinding it down to a smooth slope. Then I slim out the bevel just a hair and finish the edge on 1000 grit wetdry, then go througn my normal stropping routine.
Now, mine with chop through 1 1/2" branches with one swing, but is also perfectly comfortable taking down vines, grasses, and flexible green branches. There's no doubt that this machete is too heavy for daily use for lightweight work, but since it is capable of doing such, if i ever have to do both heavy and light machete clearing, I always reach for this one first.
For a lighter weight machete ( I still prefer longer machetes ), I really like the Condor Thai Enep Machete and the new Condor Discord Machete. These both have great comfortable handles, quick swinging and sharp carbon steel blades, and they are well made and can take a beating.
No matter what style of machete you like, you honestly cant go wrong with Condor. Honorable mention goes to the Cold Steel Magnum Kukri, and, of course, the Cold Steel San-Mai Ghurka Kukri. If I was going to spend $200+ on a machete, that is definitely the one I would go with.
Hope that helps. Have a good one!
Jester