The website Thrillist.com just ranked all 17 of the current Peeps flavors from best to worst.  Their pick for the best flavor is CHOCOLATE CARAMEL SWIRL and their pick for the worst is FRUIT PUNCH.
The five best are:

1. Chocolate caramel swirl
2. Strawberry dipped in fudge
3. Coconut dipped in dark chocolate
4. Chocolate pudding
5. Party cake.

And, the five worst are:

1. Fruit punch
2. Sour watermelon
3. Blue raspberry
4. Raspberry dipped in fudge
5. Root beer float.

The original flavor finished right in the middle of the list, in ninth place.

Thrillist