I must admit that I am somewhat biased toward the RWD setup, but allow me to explain why - so you won't think I'm making a blind blanket statement.
It is a bit more challenging to drive a RWD car at the limit, in my personal opinion, but more rewarding when mastered. Coming quick into a turn, a quick stab at the brakes and balancing the chassis with a heel/toe downshift as the car settles into the apex, and then using the throttle to steer the car out - man, the feeling. Of course, there are so many different factors involved (type of car, power, suspension, tires, etc., etc.)
Taking a look at the basic forces which we subject our cars to, I'll try to explain in an objective way why I
personally prefer RWD over FWD - I'll leave my discussion about AWD to a little blurb towards the end due to my limited experience with an AWD car (I've driven my cousin's B5 Audi S4, and a dealer Mitsu Evo, but that's about it)
Acceleration -
Acceleration causes a rearward weight shift. The front tires have a greater chance to lose traction and spin in a FWD car, whereas on a RWD car, the weight shift to the rear may help traction issues.
Cornering -
Generally speaking, I've found that RWD cars have a more even weight distribution (my S2000 is 50/50), which aids in a more neutral feel while cornering. FWD cars typically have a tendency to understeer - perhaps that is why RWD cars "feel" like they handle better due to the nimbleness they exhibit.
Torque Steer -
It can be a factor on a FWD car under acceleration, but not on RWD.
AWD offers a lot as well, primarily grip - and mistakes are not as potentially dooming. FWD is popular on a lot of cars as I feel that it is easier for the common publi to drive in terms of control and predictability. (i.e. the likelihood of fishtailing, etc.) The average driver's intention is not for spirited driving, but to retain control of the car.
Flame suit on - in my opinion, performance cars that are RWD are higher on the fun factor scale than FWD and AWD.
And if you were too lazy to read the above paragraphs - here's a statement to sum it up -
To
ME - RWD = FUN
