After having used both Webpack 1 and 2, my favorite feature is simply most of the insanity being gone.
I was hitting my head against my desk setting up npm and webpack 1 for almost 3 hours a couple of weeks ago. I then said fuck it, replaced them with yarn and webpack 2 respectively and all my issues were fixed.
I tried Webpack 2, and it still seems relatively insane to me. After switching over to Rollup my life has gotten a lot easier. It isn't quite as feature packed, but I'm glad to be done with importing a .css file in my .js file then having to specify a plugin to pull it back out again.