For bodybuilding and not practical strength applications, my money is on Incline Lever Lying Fly, although I am not sure if there is a machine that can do that so my second vote would go to incline dumbell fly.
I do incline dumbell press because I like them and they are convenient, but I don't know why people get down on the fly motion, that's the way the pectorals are intended to activate and it mostly removes the tricep from the pectoral motion. Of course it does not remove the anterior deltoid because it's almost impossible to activate the chest without the shoulder. Now incline dumbell will allow you to load the chest the most, but they will not work the pecs the most specifically. So maybe it's a tie. I think both are important for BBers.
And some would argue that the Atrainer incline cable fly with the supinated grip is #1
http://forum.bodybuilding.com/attach...hmentid=101261
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