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I was just thinking the other day what my favourite One Piece episodes were in the WHOLE series...
Considering it is the longest running series EVER there is plenty to choose from. So I was going to list a few of mine:

You can re-watch any of your favourite episodes here: http://www.watch-onepiece.com/
Spoilers are hidden in black. Told you so!

Episode 413: Luffy's Hard Trial! The Power of the Snake Sisters Willpower!!
Why? Luffy revealed as having special powers besides his devil fruit ability.

Episode 405: Disappearing Crewmates - The Final Day of the Straw Hat Crew
Why? It's the only time you ever see Luffy go into total despair.

at the moment wher e I am at is episode 194 so i just finished the skypea arc i really liked the episodes about montblanc norland its actually a well thought out story with in the story. my least favourite part so far was the battle of alubarna it was unnaturally bleak to me

Arabasta was strung out quite a bit, but the story arc wasn't without it's merits. It almost seems like forever since that happened for me...

Most of the story arc's I have enjoyed. Skypiea is particularly good because the enemies are different to normal and Usopp gets a nice part with using "dials". Also, you find out a little more about Robin who only recently joined the crew at this point.

I particularly like what happens next after Skypiea when they use the Octopus Luffy found to float back down and land in a huge Marine base G-8 (note: this only happens in the Anime, according to One Piece wikia). I thought it was cool

I should try and pick out episodes I like from each arc, because there are so many!

I have a few, unspecific favorite moments. I'll censor it all out.

Skypiea
Enel realizing that Lightning doesn't work on Luffy.

Enies Lobby
Sogeking!
Franky's appearance

Thriller Bark
Brook's appearance
Odz' defeat
Nightmare Luffy
Bink's Sake