In order to answer which practice test ist he "best", the person answering would have had to taken the official GMAT AND all the tests listed. Right?
I took Kaplan, MGMAT, and PowerPrep so far.
I'd say Kaplan is the worst. I got 700 on the first one I took (3 months ago), 540 on the second Kaplan test I took about a month ago, then about 640 PowerPrep about three weeks ago, 680 on MGMAT 2 weeks ago, and 720 on the 2nd PowerPrep yesterday. I have not taken Princeton's test, but I liked MGMAT enough that I didn't want to risk wasting my time with the others ones.
I would still recommend using Kaplan's question banks for timing/stamina/and extra practice.
I also took Veritas practice tests. They were okay, but I wasn't totally impressed. The difficulty level of their tests varied greatly. MGMAT was much more consistent.
I am taking my 3rd and final test this Saturday, I hope the 720 I got on the "official" practice (Q48/V41) is a good indication of where I am. I would be happy with anything above 680.
Good luck everyone.