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1. Bullfrog Productions
2. Insomniac Games
3. Valve Corporation
4. Media Molecule
5. Psygnosis

--- Large gap in studio ability & quality ---

6. Maxis
7. SCE Japan Studio
8. EA Canada
9. Naughty Dog
10. Westwood Studios

I would include Nintendo EAD, but they're a massive wodge of studios and I wouldn't know how to pick and choose the ones who worked on the games I liked.  The ones listed above are all 1-2 team studios who you can definitely pick the work output of.

Notes:

  • Psygnosis includes their Studio Liverpool years.  
  • I'm counting Maxis on their past successes.  
  • Media Molecule wouldn't have made my list this time last week and I thought it was unfair to judge them so highly on one IP they'd made (LittleBigPlanet).  With Tearaway, I can safely count them now.