The 'best engineering degree' will, of course, be subjective, and be different for each person. The choice a student makes will be based on a couple of things - where his/her interests lie, and what field has the best outlook for the future.
If looking for an engineering field that is growing at a rapid pace and is linked to advancing almost every major industry in the future, then software engineering is at the top of the list. If higher pay is a top criteria, then petroleum engineering and chemical engineering are good fields to look into. The biomedical engineering field is expected to grow 62 percent by 2020 due to the aging baby-boomer generation and advances in medical technology. Environmental engineering is expected to grow by 22 percent by 2020, and civil engineering by 19 percent.
Again, it's good to remember that the best engineering degree (and ultimately the best job satisfaction) may be completely different than what it is for someone else. Opt for the field that will be the most rewarding and fulfilling for you as an individual, as there really isn't a 'bad' engineering field.