Holocaust by a country mile of all the ones I've seen but there are some gulity pleasures and fun movies in the list, in particular Apocalypse and Eaten Alive. I drove myself Cannibal mental about a year ago going back through some and ended up watching Cannibal movies for about five days straight.
Not seen Terror, Emanuelle, Devil Hunter or Amazonia. Aha! There's 4 out of the next 5 day session sorted!
On a higher brow level, I'd probably place Last Cannibal World second after Holocaust but it's just not as much fun as some of the others.