This is my favourite season. Seems I'm in the minority on that one. I thought Adam was an weak villain (although Glory was ten times worse and the one in the last season was just as crappy), but aside from the weak villain, I think this is the most consistent season. Since I'm too lazy to write out titles now, I'll say I love the Faith and Buffy body switch episodes, the silent episode, the Jonathan episode, the Giles-as-a-demon episode, and the dream episode.
I love the Willow and Oz relationship, but I thought the episodes/arc that split them up were very well done too. I could relate to a lot of what they went through (despite not being a werewolf

). Tara was a rather lame character, but the increasing prominence of Anya was a huge bright spot in the season. I also like Riley and could relate to him (despite not being a demon hunting soldier

) and felt that Spike was used perfectly, even though the whole chip thing seemed to be a cheat at times.
I wish Spike had left for good after this season. I hated his role in the three seasons that followed...I think season 4 was the last season to use him right. He should have left, but fans liked the character too much and the cast liked the actor too much (which is understandable), but I don't think they came up with anything good and plausible for him to do in the subsequent seasons.
I think this season has more favourite episodes of mine than any other. Some people say taking the cast out of high school took away the show's appeal significantly, but I really like the changes that came with college. In the first episode, I thought the story of how Buffy was feeling alienated in college while Oz and Willow were fitting right in was fascinating and Sunday was an excellent one-shot villain.