Both Led Zeppelin and Pink Floyd have had reigns as my favorite band. LZ around age 13-16. PF from around 20-23.
Unfortunately, I burned myself out on both of them. However, if I to be totally objective about it, I would pick Led Zeppelin over Pink Floyd.
My reasoning:
1.
It took Pink Floyd a several albums before they really hit their stride. Led Zeppelin, on the other hand, were fucking awesome from Day 1.
Meddle (PF's 6th album) was where Pink Floyd finally found their sound. Everything before that was pretty hit or miss. Some flashes of brilliance and a lot of experimental artwank.
Compare PATGoD to Led Zeppelin I. Saucerful of Secrets to Led Zeppelin II. Atom Heart Mother versus House Of The Holy. Led Zeppelin wins all of them hands down.
2.
If you look at the totality of their work, Led Zeppelin has A LOT has crap.
Now, I can see how someone might make the case that Pink Floyd at their best was better than Led Zeppelin at their best. Dark Side pretty much trounces any Zeppelin album (with the possible exception of Houses IMO).
3.
Led Zep were waaaaaaaaaaay better musicians. I know good musicianship does not always equal good band. If it did, we'd all be listening to Dream Theater.
But I bring that up because it brings me to my next point...
4.
Led Zeppelin could play ANYTHING.
Blues,
folk,
rock,
country,
weird Indian sounding shit... hell, even
Floydian space rock.
Someone earlier in the thread said that PF was more diversified. If all you know about LZ is what you hear on the radio, I could understand how one might get that impression. But in my opinion, they are one of the most diverse bands ever.
Pink Floyd had only one kickass musician (David Gilmoure) but one of the secrets of their success was how they were able to know their limits and work within them. I could see how someone could make the argument that Pink Floyd were more innovative.
I will say that Pink Floyd had much better lyrics though.