Obscured is not one of my faves but it easily outclasses the other two.

Man With Hat wrote: More please.

"Obscured By Clouds" is closer to my understanding of the notion "the album". The other two are the cuts of ideas, especially "The Final Cut", of couse

Final Cut - one of my top five Floyd albums.

Count me in for 'More'.

More and Obscured are certainly underappreciated records, and perhaps *proggier* ones, but I give the nod to The Final Cut, since I think its place in Waters' work is notable. (Note that I love Pink Floyd the band, but consider this a solo Waters record. Which I don't necessarily begrudge.) 

I have long felt that Waters wanted The Wall to cover more issues than the central conceit could adequately cover, and that the central conceit was a curse unto itself (IMO, the Trial is a ridiculous and quite incongruous ending). I see TFC as a far more moving meditation on the anti-war aspect (and in some ways, on the postwar-England critique aspect—Roger's address to Thatcher in "The Post War Dream" will always hit me harder than "Waiting For The Worms") of The Wall, and in fact, I often listen to it as if it's actually Pink's reactions to the television in side three of that album (that is, when he's not having those almost Johnny Got His Gun-esque visions as seen in Parker's film adaptation). Yeah, "Not Now John" sucks, but in this context, it shatters Pink in a way that "Comfortably Numb" is too narcotic (referring to the narrative) to accomplish, and as banal as it is, I'd argue that it is a better set-up for Pink's dictatorial turn.

The Final Cut! Doh! Also I no idea why others would disagree here umphft bah  coz that album is brilliant really

I wish TFC was full of Rick Wright's psychedelic Farfisa organ
Realistically, this is a phenomenally brilliant production. I loved it from the very first time I heard it. Quite possibly more than The Wall. I will never understand why there's so many haters for this album...??

^ Oh yes, Kati............

^ ........only if you think like that.......... .
I meant the album !!
Dogs is quite possibly Floyd's finest moment.