I'm not gonna offer whether I like Regis or Meredith better, based on the fact that I've really not seen Meredith enough, to say whether she or Regis is better. However, I will offer to you, the reasons I like Regis.
1. He seems to bring out the best in contestants. Take Bob-o for example. Regis took what could have been an ordinary average contestant, into a guy who could be considered the contestant of the year.
2. He makes the contestants feel right at home. This sorta goes back to the first one, in that the contestants feel comfortable enough to crack jokes. Rare in a show as tense as this. This is a good thing to have. Especially, when a contestant wins say a half million, and yet can still joke around. It's good to have that stress relief every so often.
3. He teases the contestants, but not so much that it goes too far. I like the way he does it. From what I have I read about some of the other hosts, I don't think I would like having an answer come after say two commercial breaks. That's a little too much for me. But the way Regis does it, in my opinion is perfect. It's not too little teasing, but it's not overdone either.
4. He himself gets into the game too. I like the way his voice goes up when someone wins a ton of money as said before. He tries his best to help a contestant, and really wants them to win big.
Regis is great host, truly one of the best in the biz today.