That is a tough question. I had to really give it some thought, because both are really very exciting! I love the last stitch, because you know that you’re almost finished and can then just enjoy using the project. But I think my favorite is that very first stitch! You have thought and planned on which fabrics to use, which pattern, etc., and you’re about to make your imaginings tangible, something that you can hold in your hands! It's sort of like the excitement you feel as you pull out of your driveway on the first day of a road trip!! And finishing is like the comfort you feel when you finally get back home. Win, win! :-)