I think paper-based is the best, which I find slightly odd given my heavy reliance on technology day to day. But it just works.
I create an updated list once a week or so, then I use a highlighter to highlight my next most important tasks (2 or 3), then work through them and cross them off the list. Combined with setting my one or two most critical goals for the day, this has worked out quite well.
I think paper-based works well for many people because it is (or seems) easier than technology-based tools. Grabbing a marker and writing on the white board just naturally feels easier than opening the todo list and correctly organizing the task. A technology-based system would surpass paper-based if it can replicate that natural feeling of ease.
I create an updated list once a week or so, then I use a highlighter to highlight my next most important tasks (2 or 3), then work through them and cross them off the list. Combined with setting my one or two most critical goals for the day, this has worked out quite well.