Favorite Amp: '67 Marshal Plexi. I don't play it much but the tone is unreal. Kind of a one-trick pony but I have a dozen other amps and none of them do that particular trick anywhere near as well.
Favorite Guitar: For tone, I'd have to say my '75 Strat. I've got older and nicer ones, but the '75 has a mojo that can't be beat. I don't have many new guitars ("new" meaning 90s or newer), but my Johnson Strat comes the closest to the throaty tone of the '75 for non-vintage guitars. For versatility, my PRS Custom 24 beats them all. Not much cool factor, but you can dial in anything you want. Surprisingly, I've got a few 80s Elite Strats, and one of them in particular has the growliest tone I've heard in a Strat. I think someone did something very subtle to it. Parts are all original, but there is some non-factory soldering between some of the pots. Hmm...
Strad, most of the gearheads I hang out with agree with you regarding the Japanese Strats. Quality and tone are outstanding, and the collector market is catching on. Their value is rising. I don't have any Mexican Fenders, but their quality is pretty darn good as well, especially when you consider the price difference.