For me, I think sketching is my favorite part of drawing a piece. I dunno why, it's just really relaxing to me, I guess. My least favorite part is lining, because I suck at making lines neat. I also like really thick lines, but I always have to use thin lines with my art ;.;
It's the complete opposite for me xD My favorite part is seeing the end result. I like seeing my sometimes poor sketches advance and turn into full drawing that I can be somewhat proud of.
I'm gonna agree with these two and say the end result. Just looking at a piece of art after it's finished, knowing that you're the one that drew it, is one of the satisfying feelings to me.
Sketching, 'cause that's the part when I feel like I'm creating the most things, and I like it And also because it's the only part when I don't care that much about the few problems that my drawings have, because they're less visible x)
I like cleaning up the lineart and making the sketchyness look clean and smooth. My lines are usually really messy before I clean it up.
My favorite part is probably imaging what I'm going to draw. Partly because what I imagine ends up far superior to the actual result.