Here's how I'm leaning at the moment...
1. "Six-Gun Snow White"
Intense and much darker than I like, but I couldn't put it down. Contains significant fantasy elements.
More detailed thoughts on "Six-Gun Snow White" here.
2. "Wakulla Springs"
I actually liked this story best of these five nominees. Loved this story. It felt like it barely had any sff elements, however, so I feel like I must rank it second.
More detailed thoughts on "Wakulla Springs" here.
3. No Award
Leaving all three of the following unlisted, as I don't think any of them are particularly more deserving of a Hugo award than the others:
"The Butcher of Khardov"
I didn't like it, and most of the elements of the story are someone else's work, unaltered.
More detailed thoughts on "The Butcher of Khardov" here.
"The Chaplain's Legacy"
Couldn't finish it - too bored. It had some premises that I found interesting, but it didn't explore them, and spoilers I've read in others' blogs lead me to believe I wouldn't have felt differently if I had continued to read.
More detailed thoughts on "The Chaplain's Legacy" here.
Couldn't finish it - too gross, without enough entertainment or intellectual stimulation to make it worth it to me to wade through the gross. From spoilers I've read, I'm VERY glad I stopped when I did.
More detailed thoughts on "Equoid" here.