As far as a favorite tool, mine is easy to think of. When I was a kid I used my dad's tools (and somehow didn't lose any of them!). He had a needle-nose pliers that actually worked. I never thought that was unusual until I tried to get my own and I found that it's very rare to find a needle-nose pliers where the jaws close tight, and the wire-cutter closes at the same time as the jaws, and the jaws don't twist out of alignment when you try to turn something with it.
Then one time I was in my parents basement looking for something and ran across an old wooden tool box. I asked my dad about it and he told me that it had been his dad's (my grandfather dies when I was 11 so I did know him). My dad said he didn't think there was much in it, but that I was welcome to whatever I could find.
There weren't very many tools in it, and most of the ones that were there either weren't very good, or just weren't anything I needed. But by now I'm sure you know what the exception was. There was a needle-nose pliers that was every bit as solid as the one my dad has (maybe even better actually). It has a dark brown oxide coating, so it looks like an old piece of crap. But it's one of the best quality tools I've ever seen, it's probably over 75 years old now, it works great and it was my grandfather's.
Back when I was a Boy Scout Leader I'd bring my toolbox on camping trips ("Be Prepared!") and occasionally another leader would ask to borrow my needle-nose pliers. I'j let them use it, but I'd tell them to be very careful with it, that it was completely irreplaceable. They'd laugh until I told them the story. And no one misplaced it!