Not the best, but really cool;
I like the counterknife in Battlefied 4. The timing is ridiculously easy (playing fighting games helps a bit too I'm sure) as long as you don't panic, and I always love it when someone goes for a knife from the front, it's a free kill. It's not intrusive and I initially didn't like it, but then I thought; "You get a free kill from the back with a knife because you sneaked up on the enemy and it's your reward." But if you go for a knife from the front, it's probably 'cause you're losing the firefight, you panicked, or maybe you're running out of ammo.
In any case, I agree with it not rewarding someone for pressing the melee button as soon as they are in front of someone for a free one button, no effort kill.
For best, I'd have to go with God of War 3, the whole game is essentially a series of mini boss fights, and boss fights. The finishing sequences all feel very rewarding and satisfying thanks to the QTE.
TLDR: BF4 counterknife is really neat, God of War 3 feels the best. Honourable mention, Bayonetta.