Well If we're going with single magic system with no crossover magics, allomancy, feruchemy and most surgebinding is out. We've never seen the upper limit of Awakening, since we only see a few minutes of the god king, and he's probably not very good at awakening, since that was mere moments after he got his powers. And theoretically you could get even more breaths than that to get even more hightenings. Hemalurgy is powerful, but it's extremely hard to use, and nobody is really good at it. Also, overuse opens you up to mental effects. Plus it seems pretty limited as for what you can do without copying other magic systems or going overboard in spikes. Bondsmithing is also pretty powerful, but I just don't think we understand it well enough to justifying it to rank it #1. Aons are super versatile and powerful, but region-locked. It really depends on where the battle is taking place and who it is fighting, and how well they understand their powers.