The College Dropout was a great breakthrough album, but Late Registration was revolutionary. In coming decades (unfortunately it will most likely be overshadowed by his arrogance), Late Registration will be looked at on the same level as records like Miles Davis' Birth of the Cool. The production value, in which Kanye coupled with Screen Score writer Jon Brion (Magnolia, Eternal Sunshine on the Spotless Mind) was THE BEST EVER on a Hip Hop Album.
Not to mention stellar features, including Nas, Jay-Z, Consequence, GLC, and Cam'ron.
Edit - Top 5 Tracks:
We Major (feat. Nas and Really Doe)
Late
Gone (feat. GLC and Consequence)
Hey Mama (even though it was on about 12 Kanye mixtapes before hand)
Diamonds from Sierra Leone Remix (feat. Jay-Z)
Top 6 for production value:
My Way Home
Heard Em Say
Gone
Late
We Major
Drive Slow