Depends a lot on your group, I'd say.
If you're a tight-knit group of friends it's far simpler to remove yourself from the cycle of updates than if you're gaming with a community in a club. A "living" GW game comes with the natural push for tournaments and keeping up with the latest & greatest. I'm seeing this very much now with our local Age of Sigmar group.
With a "dead" game there's no change at all - until you realize that there is, but it's all in the hands of you and your buddies.
I'd even say that now is the best time to be playing Warhammer Fantasy, with the summary of all editions to benefit from.
Hear bloody hear. There's an increasingly active sixth edition revival scene in the UK these days, I hear good (albeit very cutthroat, hardcore, WAAC-or-GTFO) things coming out of Poland too, and I think some in Italy. I'm particularly delighted to see more events that are just meetups (Exeter Games Gathering in 2019 was a good one, just some big exhibition games and a skirmish campaign, spot of Mordheim and Warhammer Quest going on, some historicals and some Epic on other tables...) and even the Warhammer: Resurrection campaign weekends. We don't
have to go back to the all-tourney-prep-all-the-time approach... at the end of the day this revival is down to fellas my age or a bit older reaching midlife crisis point, hauling their figures out of the loft and shoving them around tables again. In the UK at least it's all refreshingly un-sweaty with only a few people testing the limits with sixteen power dice specials or fifteen Fanatic/twenty Squig "armies". Definitely interesting to have a "meta" that's not defined by GW's release schedule, that's for sure.
I am a big fan of sixth edition. I'd like to pretend that's because it's the best, but I think seventh was slightly more sane in its core rules: standardising the distances for panic checks, knocking a lot of corners off fleeing and pursuit, generally smoothing the whole experience down - shame about the army books. Sixth is definitely the most comprehensive of the ones I've actually played, I think third has more raw stuff in it but that's because it's old-fashioned and built for umpires and scripted scenarios and a kind of gaming I am too young to have experienced first go round.
Truth is, it's because sixth is the one I played week in week out when I was in sixth form and at university. It's the one I know, the one I built my Vampire Counts army to work in, and in this day and age when I'm
not jobbing off two or three times a week to play wargames it's much easier to fall back on rules I internalised years ago than try and wrap my head around what fantasy figure gaming has turned into in the last five to ten years.
Not to go full grognard or anything (I sometimes wonder, given that all my armies are mostly infantry and I grumble about modern things all the time, if I should have picked Dwarfs...), but when people start talking about allegiances, subfactions, command points, keywords and warscrolls my brain starts turning to mush. When I was a lad, you bought an army book and that was good for a good four or five years, and a spear was a spear no matter who was waving it around, and you could put a whole army in ONE case and sling that on the back of your bike, beer was a penny a pint etc. etc.
that it probably put me off from willing to try 
Suffice to say, it isn't as easily said as done.
Overall, due to 7th's army book balance issues, I'd have to say the 6th edition.