The best hubs in the World
The fairest way to assess a hub is by how well it achieves its function. Shimano make a good range of economical hubs. They make sense for a variety of applications, particularly if you want to save money. However, if money were irrelevant, Shimano would be an unlikely choice.
Chris King produces a range of impressive hubs. Chris King hubs boast a 5 year warranty. They also use their own unique ring drive system within the freehub body; this gives a high engagement count, as well as quick engagement. Some hubs come with higher engagement counts but the that just means more clicks per revolution, you may still have a delay before the engagement kicks in. Chris King hubs also come in a huge array of colours. They are also made in the USA and, more recently, Chris King produced the new R45 hub, specifically for road use. This comes with a titanium drive system to replace the former, heavier, stainless version. They have also reduced the engagement count to reduce resistance on the hub. They are quieter than former Chris King hubs and there is machining on the hub flanges to reduce weight. This puts Chris King among my favourites for hub manufacture. Certainly the engineering behind them is fairly masterful. Although for this they do come with a pretty fantastic price tag often totalling around £500/pair.
Phil Wood make some particularly nice hubs as well. These come in heavier than Chris King, they offer lower engagement counts too. They also come with a pretty fantastic price tag, although slightly lower than Chris King. Unfortunately, Phil Wood’s operation is much smaller and there is little presence of these hubs in the UK, the dedicated importer only imports the fixed gear versions. In favour of Phil Wood, his motto is, ‘Build it strong. Keep it simple. Make it work.’ It is this motto and set of principles that led to Phil Wood producing some of the best hubs in the world; favourites among many of the most eminent builders. Phil Wood has paid less attention towards weight and more towards strength and durability. The hubs require less regular servicing than Chris King, whose hubs can, sometimes, need fairly regular attention. Phil Wood was also the pioneer of sealed cartridge bearings. He felt that their replacement was much more straightforward and the units performed better. They have since become commonplace in almost all quality hubs.
Another excellent manufacturer is Hope. They produce a great range of hubs to suite a large variety of functions. Hope hubs are well made, versatile, well priced and produced in England. The shells can easily be modified to take different axle types as well as varying the axle length. You could use the same wheel on different bikes for different applications. The shells are made of a single piece of high quality 7075 aluminium, making them strong and durable. They are also available in a variety of colours. They have become particularly popular for off road applications, although they are branching out into the road market as well.
DT Swiss are famed for making ground breaking hubs. Their 240s range are good and fairly well priced. Their 190s range will be tough to beat. Ceramic bearings, fantastically light, the front hubs are suitable for radial lacing and their longevity is awesome. However the 190s retail at £750/pair!
I would say that my all time favourite hub manufacturer is Royce. Royce works with a small staff count of four, mainly run by Cliff the owner. He is a machinist based in Hampshire. However what he has produced in his workshop is astonishing. His hubs were used in Chris Boardman’s record breaking hour time trial. Front hubs can be in small, medium or large flange. Track hubs are also available. Hubs can also be supplied filed to accommodate bladed spokes. He has also recently produced a fully titanium hub as a personal challenge, he did it because he knew he could. 
Royce hubs are polished to a mirror finished then clear anodized for longevity. The shells are made of a single piece of aluminium which is then machined to ensure there are no joins and no weak spots. They are available in a screw on freewheel version, Campagnolo and Shimano freehub versions. He also does disc specific hubs and ‘thru’ axle versions but his hubs are most appropriate for road, track and particularly touring use.
The best part about the hubs is the axle. This is made of titanium for unparalleled longevity as well as considerable weight saving. When you purchase a set of Royce hubs you get a certificate of ownership which if you return the counter-part guarantees the spindle for the life of the original purchaser.
While there are lighter and faster hubs out there my all time favourite, and it is partly due to romantic attachment, is Royce. They are made in England, less than 50 miles from where I build my wheels, lifetime warranty on the axles, unsurpassed finish. Their motto is ‘British Engineering Excellence’ and that is what you get. Moreover, they are better priced than Phil Wood, Chris King and DT Swiss.