people who know better prefer ribeyes (aka delmonico). New York strips are almost as good; they're next to each other on the cow.
Porterhouse or t-bone is the best of both worlds.
People who prefer filet mignon tend to be the people attempting to sound sophisticated about their food preferences. Here's a hint for you: although it's the tenderest cut of meat, it's also very lacking in flavor, hence some of the best ways filets are prepared are with special sauces. The reason it's so expensive is that there's so little of it per cow. i.e. supply and demand.

Just had some nice ribeyes (for my wife and myself) and new york strips (for the kids) tonight, grilled perfectly. So nice and tender, MMMmmmmmmmm With some nice cold watermellon on the side.