Awwwwww cmon man, just one? I love it all.
I love requirements cause there is that hidden window of what the client needs and what they seem to think they need. I like engaging in requirements cause sometimes you can simplify a swathe of complexity by considering other routes to the client's goal.
Design rocks cause you have to additionally think of all those edge cases and consider maintenance, future proofing and performance.
I adore bug fixing because there is some crazy problem and piecing together all the clues and discovering the reason behind the riddle is so rewarding.
Delivery is awesomes because even though there is stress you get to deliver to the client and make a difference. Sometimes you have to make hard choices (cut/defer) and it's interesting to navigate and learn about the potential politics or pragmatism surrounding this.
This might sound a bit masochistic but I also really dig refactoring WTFery code. As I contract a lot I see a lot of this kinda thing and where there is justification to turn a big pile of mess into something coherent its really fun to do.
Oh and race conditions! Ain't they just "fun"? I really like analysing code and detecting race conditions and working out how to mitigate against them effectively.
Don't make me choose, I like it all! :D