I voted for 4. I like the wisecracking Freddy more than the scary one. I think the one liners (welcome to prime time, bitch

) really set him apart from the other hall of famers (Jason, Michael) even more than the "kills you in your dreams"-bit.
I voted 4 because it has my favourite kill in the series (the chick that gets her arms bend and broken with the dumbell, turns into a cockroach and gets squashed).
Never played the game. Just saw the AVGN video of it. But since I'm a huge horror fan, too, I plan on getting all the slasher games (Nightmare, Halloween, Friday 13th, TCM) but just for display purposes.
Also a short comment on "nobody besides Englund can play Freddy". I think Jackie Earle Haley did a great job. Of course nobody can beat Englund but Jackie pulled off his version of Freddy pretty good considering the material he had to work with. He didn't go the easy route trying to do an Englund impression.