I'm gonna have to go with Wrestlemania 2. I didn't like it being broadcast from three different venues (even though I shouldn't care since it doesn't affect the viewer at home), the celebrity guest commentators were horrible, there were only a couple of decent matches on the whole card, etc. It doesn't say a whole lot for the quality of the show if the best match on a wrestling card (let alone the biggest card of the year) is a boxing match.
Wrestlemania 9 is a close second. There is hardly a good match in this whole thing. Ramon/Backlund, Michaels/Tatanka and Steiners/Headshrinkers were all decent bouts but that's about it. I also didn't like the Roman theme or the event being outdoors. Plus, you have "Macho Man" Randy Savage there and you use him as a commentator instead of as an in-ring performer? *Facepalm*
Wrestlemania 11 and 27 get shit on a lot but they had at least some type of saving grace that keeps them from being wholly unwatchable. The double main event of WM11 delivered. Shawn Michaels carried Diesel to a great match, and for a non-wrestling celebrity, Lawrence Taylor put on an impressive performance against Bam Bam Bigelow. WM27 has Punk/Orton and Undertaker/HHH (I know I said recently that HHH/Undertaker was boring, but I've altered my opinion on that a little bit) and Edge/Del Rio and Rhodes/Mysterio were decent, and the Trish Stratus appearance was nice to see. And it was cool seeing The Rock.