Personally my three favourite are:
Insomniac: The Ratchet and Clank franchise is one of my favourite franchises out there and Resistance is a prime FPS series. They come up with new game mechanics for each installment of all their franchises and they never fail to deliver.
Naughty Dog: The people at Naughty Dog certainly know how to use the PS3 and crank out gorgeaus visuals, while at the same time creating a game with a fantastic story and gameplay. Cant wait to see if they will bring Jak and Daxter back to PS3 and give it the same treatment they gave Uncharted.
Team ICO: Shadow of the Colossus and ICO are works of art, and The Last Guardian is shaping up to be a fantastic title. Fumito Ueda doesnt pull any punches.
Note: I havent played any of Team ICOs games since I havent had the time, but from all the videos Ive seen, and the reaction from some of my friends who have played them, I have come to admire them.
Honourable Mentions: Zipper, Sucker Punch, Santa Monica Studios and Media Molecule
Those are my favourites, what are yours (they dont have to be 1st party, they could be independent studios like Insomniac)
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