If we're talking The Who from My Generation up to Quadrophenia, then no contest, The Who. Townshend was a MUCH more ambitious and adventurous songwriter than Page/Plant/Jones/Bonham, and more innovative to boot. He was (at his best) probably the most artistically ambitious songwriter in British popular music period, perhaps even over-ambitious. Of course The Who then sold out and became hacks, so later 70s The Who onwards is far inferior to Led Zep.
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