1. Lord Farquad- First villain and stole the show
2. Rumplestilskin- Wanted to be king and very greddy
3. Fairy Godmother-Wanted to rule the kingdom
4. Prince Charming- Seriously why? Why did he follow his mother's footsteps? He was so useless the first time why did he need to be the villian?
in shrek 3 we actually get to see charming step out from his mother's shadow, and i quite liked him more since he wasn't just being a sniveling mommy's boy like in the second film. Had he spent time actually been 'evil' i might have liked him even more. (maybe they could have made it a story of revenge)
oh, and Fairy Godmother was the best villain. not just devious, but intelligent and ruthless.