I voted for waiting for conditioning. The wait for the fermentation to start can be an antsy time, but with making starters for all my batches, it always begins relatively quick. I love the fermentation stage, and watching the yeast do its job. Especially with wheat beers, as they are so much more active. My wife flipped out the first time I brewed a wheat and left the carboy on top of a table with a blow off thumping away, and she could actually see it churning away. Cooling is quick with my plate chiller, so thats no problem, but I do remember when I used an entry level immersion chiller. Waiting on conditioning sucks to me, as once you get to that stage and your samples so far are awesome, I just want to have it on tap and enjoying it.