Sarah Jane Smith (Elisabeth Sladden). She worked with the 3rd, mostly the 4th, and 10th doctors (Jon Pertwee, Tom Baker, and David Tennant). Her combination of independence, intelligence and feistyness combined with just the right amount of damsel in distress made her perfect.
Romana (Mary Tamm), She only did one season with the 4th doctor (Tom Baker). She was also a Time Lord and was academically and in several other ways the doctor's superior, but she had a lot less experience. She was also an ice princess, in the Hitchcock sense, which works well in a movie but doesn't last for a longer relationship than that. So at the end of that season, she regenerated into the actress that was Tom Baker's girlfriend and later wife, Lalla Ward. That character made more sense for the show, but I didn't like her as much.
Nyssa (Sarah Sutton) She worked with the 4th and 5th doctors (Tom Baker and Peter Davison). Another very smart ice princess, she was not as strong as first Romana but because there were two other companions, it held together longer.
Martha Jones (Freema Argeman). She worked with the 10th doctor (David Tennant) and had the bad luck to be with the show when they went through a really terrible storyline. The few good stories they did though, she did well.
Christina de Souza (Michelle Ryan). She only did one episode with the 10th doctor (David Tennant). I'm disappointed they didn't go with her, she was terrific as was the character she played (a skillful thief who was not entirely selfish). I've seen Ryan in other things--she wasn't as good.
Sally Sparrow (Carey Mulligan). Only in one episode, but it was the best episode ever.
Clara Oswald (Jenna Coleman). She was with the 11th and 12th doctors (Matt Smith and Peter Capaldi) and I think she was an excellent choice for the part she played.
Jo Grant (Katy Manning). She was with the 3rd doctor (Jon Pertwee) and was a bundle of energy and vivaciousness and handled the damsel in distress well.
The Brigadier, Captain Yates, Sergeant Benton (UNIT: Nicholas Courtney, Richard Franklin, John Levene). Not companions in the normal sense since they didn't travel with the doctor, but they were important, mostly with the 3rd doctor.
Adric (Matthew Waterhouse). I liked Adric. For some reason most people don't. Perhaps it's that he's a mathematician. He did a lot of good things and died heroically. I think he's the only companion to have been killed off (although Rose was trapped in a different dimension, which amounts to the same thing). He's not my favorite but he's certainly in the top 25%.
At the other end
Donna Noble (Catherine Tate) was one of the most popular companions. But I don't get her at all. Her grandfather, Wilfred Mott (Bernard Cribbins) was in every way a better character.
Rose Tyler (Billie Piper) was also very popular. I get her a little more than Donna, but still don't see the appeal.
Melanie (Bonnie Langford) was fun to look at, but that was about it. A very annoying personality.
Peri (Nicola Bryant) Whiney and annoying, with a terrible American accent. there are so many talented British actors who can do a good American accent, and even more good actual American actors. But they chose someone who couldn't, and had her play an American anyway. It didn't help that her Doctor (#5, Colin Baker) was just as annoying as she was.
Leela (Louise Jameson) Attractive and wore her costume well, but obviously lacked the physical skills the character she was portraying supposedly possessed and completely broke the suspension of disbelief you need to have for this sort of show. The episode that most drove this home involved a pretty spaceship pilot doing mildly active things with Leela. The pilot, despite her stiletto heels, was visibly more athletic and coordinated than Leela.
An aside on monsters: Central to the appeal of a show like Dr. Who is suspension of disbelief. It's easier to suspend disbelief about a frankly cheesy special effect like Daleks or the other propman-in-a-suit monsters when it's obviously meant as a stand-in for something more credible. When the computer generated characters get good enough that you're no longer making allowances, the standards of everything else in the show also need to go up to match. But the plots of the new version are just as cheesy as they ever were and in a lot of cases even worse.
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