For me it's the second fight. His comeback in the first was incredible, but that was the most limited version of Pacquiao (in boxing terms) that he faced.
Similarly, the Manny he faced in the third fight was a shadow of the guy that had been there for the previous three years. And without the boundless energy, Manny just didn't really have a way of closing the distance and throwing without over-extending himself. For me that's the fight that Marquez clearly won.
2008 was the closest of the three fights and the 'prime' version of Pacquiao. At the very least, JMM took 5 rounds in that fight, something no one had done against Manny since Morales in 2005, and no one would do again until JMM himself in 2011. Smack bang in the middle of that incredible six year run for Manny Pacquiao, Marquez met him and beat him in a lot of people's eyes.
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