I like your approach. Just don't assume the one I name as #1 is my favorite skater, because I don't necessarily have one.
Out of the skaters you listed, I'd have to say I'd put Arakawa at #1. She really is a beauty out there on the ice and I just get this cool vibe from her. In other words, she isn't a "warm" skater like, say, I might say Michelle is, but I'd call her a "cool" skater. Not cold but just cool. She doesn't project her emotion out there like Kwan does, but I don't really think she needs to. She has her own style. Off the ice, though, it's totally different...she's in her own world it seems...
Next is a tough one. If I threw up a coin on this one I'd have to say Sasha. A lot of times she leaves me cold and I don't necessarily like her style, but when she turns up the fun on a piece like "Don't Rain On My Parade", she can be quite enjoyable. I think her Marshall's 05 performance is her best (televised) rendition of it.
But normally she does sappy pieces that tend to bore me to tears (Romeo and Juliet? COME ON) and I think her GBA performance was touching in a way but still, the thought of it is so corny. I hate it when someone gets patriotic on my...(you can finish the rest

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Third would definitely be Kwan. There are two of her performances I will always remember: Her freeskate from Nationals 2003 and her freeskate from Worlds 2003. Especially the former was really touching to me and the only performance of hers (or anybody else's for that matter) I've actually felt TRUE heartfelt emotion from. I don't know if her fans just want to make things up or whether she truly "wears her heart on a sleeve". If she doesn't then she should go into acting immediately. But on other performances, I'm sorry...I just don't "get it" from her. I'm also quite skeptical of many of the choices she's made in her career, and that's probably what's gotten some Kwanfans to hate me so much.
Fourth, hmm...I really don't feel it from either Slutskaya or Suguri. I'll admit that Irina really had a good performance at the 2005 Worlds but I just didn't want her to win at all so I didn't really enjoy the performance itself. I do however like the power and energy that she brings to figure skating when she's on. Out of the two, I'd pick Suguri since she's the more likeable one. Something about Irina just turns me away from her. Maybe the blatant hypocrisy between what she tells the Russian press and what she tells the North American press?
eta: Also, someone not on the list...Kimmie Meissner. She's a good kid and I try to like her but just can't do it...she needs to develop some style out there.