I have to say my absolute favorite electric guitars are Fender telecasters. I bought a mexican, wine red tele last May and wouldn't trade it for ANYTHING. I've borrowed some electric guitars to perform priced well into four digits that I wouldn't switch it for. That thick sound with the pickups, the neck, and even the color are absolutely perfect.
Runner up though is the Gibson ES-335. I love that tone. Although, I would almost as quickly buy an Epiphone version, as the high end of Epiphone ES copies are extremely similar and a better value. The price jump to Gibson really hasn't shown me that much of an advantage, especially for poor, student-art-rocker that I am. While the sound and neck are a bit better, it's not worth the money-jump if you ask me.
Bass is definitely the four-string Fender jazz bass. In black. It has a nice thick tone, and the neck is brilliant. Although my bass teacher recently turned me on to Lakeland basses, which I've played on a few times to great success, but I'll still go back to Fender. With bass, I've really found that once you reach a certain point in rock music, it's more about what kind of amp setup you're rockin'. Peavy and Hartke have treated me extremely well.
Acoustic guitars is where I like to go the expensive route. Any Martin or Taylor guitar that plugs in is great by me. Given unlimited funds, I'd rock the most expensive Taylor available with electronic setup.
A friend of mine brought in a Les Paul to school, and it looks small to me. Are all Les Pauls on the small side?Or was it just an illusion of brain chemicals?
Les Pauls have really small bodies, but they are heavy as all hell. With that weight and the wide neck, they feel kind of bulky when you're first playing them, interestingly enough. At least that's what I've found.