I dont particularly like MD5, mainly because of md5 databases. I do however, have to use it because phpbb2 uses MD5 and I cant be bothered to rehash all the passwords, lol.
This is my preferred method when hashing passwords:
PHP Code:
$hash = base64_encode(rot13(md5(sha1($password).$salt)).sh a1($password.md5($password)).$password);