I think I'd really like Crow's Nest if only, having cleared it out, it stayed cleared out and repopulated with a market and stuff. That would've been lovely. As it is, Lanilor Lane is probably similar and I really enjoyed the life and bustle; but probably my favourite place in Aleroth is the market square. The FoV version as I like music, the stuff that starts of with the sighing vocals and then goes uptempo with the bashy stringed instrument, whatever it is (I have a mental image of something like a zither played with hammers, but I dunno what it's called or even if that's what it is... but I digress).
But my favourite place in the game remains Broken Valley Village. I love the village, its appearance, the diversity of people in it (especially the daft gossips!), the pub, the winding pathways and stream and again the music. And secondary to that, the rest of Broken Valley, which remains one of my favourite video game places ever. I have a forlorn hope that one day we'll have a Mended Valley where it'll be restored to its former glory, hopefully in a new 3rd-person game. And Farglow, which is pretty much more of the same just on a smaller scale, though you never see it again after the intro segment.
I wonder what the originally-planned outskirts of Aleroth would've been like? I'm guessing, again, more of the same. I would've liked to have seen them but as it turned out, the somewhat claustrophobic feel of Aleroth is part of what made it work. But still, it would've been interesting to see. I wonder if that's where that early promo shot with the signpost to Verdistis was meant to be?