Best cat food?

We all know some brands are better than others. Most of the time the better brands are more expensive, but often they totally worth the extra money. You get what you pay for. It is the same for cat food. Better cat food provide better and more balanced diet, which can promote better health in cats. In the long run, it might in fact save your money because the more healthy cat won't be sick as often, thus it cut down the more expensive vet bills, right?

From what I heard, cats need a lot of water. Does it make canned wet food such as these (canned cat food #1 and canned cat food #2) better than dry food?

In your opinion:
What brands make the best cat food?
Why do you think they are the best?
What do you look for when you pick your cat food?