* PROS *
ME1: Best story (and story pacing). Best Citadel. Best RPG elements. Best exploration (and sense of discovery).
ME2: Best characters-specific stories (characters development). Best soudtrack. Best DLCs. Best last mission of the trilogy (excluding the actual "boss", the Suicide Run was pitch perfect up to that point, then it destroyed the immersion and the atmosphere; still, Suicide Run, overall, was awesome). Best romances (I know, that is very subjective, but it's my opinion anyway).
ME3: Best multi-player? Yeah, best multi-player. Seriously though, the MP is the best part of ME3. Best... combat system? Yeah I suppose, that.
* CONS *
ME1: Worst Inventory GUI. Worst characters development (or rather, not much significance to said characters development, unless it happened to advance the main plot to the next step). Worst terrain for driving? Problem wasn't the Mako, it was the terrain's completely unnatural, odly-shaped and uninspired pointy geometry layout that made it a pain in the ass. Not exactly the best overall dialogue quality of the trilogy (of course ME1's writing has its good moments, all three games have them, but in retrospect... for ME1 it was sort of just "passable", overall). Now, here's the thing, I LOVED the overall atmosphere and sense of exploration of the game, it felt big, intimidating and alien... BUT... that "sense of discovery" came at a price: "exploring" rather barren landscape, SOME of which had decent atmosphere, MOST of which were just boring to drive on until you finally found that seemingly-abandoned or secret "base" that looks exactly the same as the one you discovered and cleared 1 hour ago on that other planet located light-years away.
ME2: Worst main story-pacing. Worst main story development of the trilogy (ME2 should have had a significant development in regards to Reapers themselves, NOT a suddenly-new threat that happens to be tools for them, seriously what the hell was that). Worst end boss in recent video gaming history (well OK... ok it made some creepy "alive machinery" sounds, there's that). Worst mini-games (doors security hack / resources scanning, both absolutely useless and actual interruptions to immersion in my book).
ME3: Worst ending(s) in recent video gaming (and general entertainment) history. Worst overall main story and pacing (the intro alone happens too abruptly, then you suddenly find yourself on Mars and Liara reveals something important and way too convenient, then oh, look, you're on the Citadel already, just overall really disliked the first 2 hours or so of the campaign). Worst RPG elements of the trilogy ("auto-dialogue" Shepard, really? Wasn't enough to not allow us to give our teammates armors to make them look badass, you had to make Shepard auto talk?). Worst "side quests" of the trilogy (especially in the manner we acquire them, just walking by or standing right next to some people talking and OH, * ding * got a new mission there... damn technology went far lately!). No loyalty-type missions whatsoever (I suppose if everyone was loyal to Shep in ME2 that they'd maintain their loyalty during ME3's events, right? I guess...). Some of the worst dialogue of the trilogy (not all of it was bad, but overall especially compared to ME2's level of quality it just got crushed, even ME1's was mostly better). Worst Citadel of the bunch. Worst romances of the trilogy. Worst soundtrack (hate me if you want, but NOTHING tops ME2's brilliant and perfectly-fitting OST in the trilogy, and I also preferred ME1's OST over ME3's). I think I might be forgetting a couple of cons for that one... but I'll leave it at this list, point should be clear here (I just disliked ME3 overall but absolutely loved its multi-player which isn't sarcasm, I've played about 1100+ hours of it).
* OVERALL *
Well here I'll just answer the actual thread's question, and my answer is: Yes, and no.
Yes I preferred ME2 for some things, and no I did not prefer ME2 (and certainly not ME3) for other things.
In retrospect, for me, what "made" Mass Effect was its original story (yes, imagine that, even above romances, crazy isn't it?). What I mean by "original" is quite literally the first Mass Effect's story. The main story arc in ME1 was simply brillant. To me, the Mass Effect franchise did not "need" to become more action-oriented, ME1 not having a "fast-paced" or responsive or simply not having a "fun" combat system was NOT a problem because it was more of a "talky / techy" universe than a Gears of War style game set "in space" that needed to have your character do all sorts of combat acrobatics in real time with lots of particle effects and explosions coming out of big guns to shine. I tolerated ME2's streamlining of the RPG elements AND I accepted the "change" to the combat system (I.E. simply making the series now more action-focused just out of the big blue). I still liked ME2 and I still believe that - despite the extremely weak main story arc - it is one of the best games that BioWare has made, and one of the best sci-fi action video game ever created, period.
Now, still, overall what "truly feels Mass Effect" to me, to this day, remains the first game of the trilogy. So the answers here will probably depend on what sort of game-play or story-related elements people prefer. If you'd happen to like a good main story in a game, you'll most likely say that you still prefer ME1. If you happen to prefer characters-centric story development then you'll probably go with ME2. If you instead just like your game to have "some story", regardless of its actual quality, with a great, fast and responsive combat system with good mobility and freedom of movement around then you'll certainly choose ME3. I suppose that, in the end, the Mass Effect trilogy offers something for every tastes.