My choices in order:
1. 1966 Lincoln Center cast with Merman (RCA Victor) The best and most theatrical recording available. Ethel Merman recreates her starring role some 20 years after the premiere with the voice as loud and lusty as ever. A perfect supporing cast too! The recording includes almost the entire score laid out in show order and the sound is pretty good despite a bit of harshness/distortion that is evident on most RCA recordings made in Webster Hall.
2. 1991 Studio Cast with Kim Criswell (EMI) A note-complete recording using the text and orchestrations from the original 1946 Broadway production. Includes "I'll Share it All with You" and "Who Do You love I Hope?" - both of which were cut from the 1966 revivcal. Also has a bonus track of "Old Fashioned wedding" which was added for the revival.
3. 1995 Studio Cast with Judy Kaye & Barry Bostwick (JAY) A fine studio cast version, this one is a note-complete recording of the 1966 Lincoln centre version on 2 Cd's. All dance music and utility music is included.
4. 1946 original Broadway cast with Ethel Merman (DECCA) Decca's 78 RPM set preserved just the 12 key songs in "Personality" orchetrations. Ray Middleton recreates his co-starring role as Frank Butler but if you want Ethel Merman in this show go with the 1966 cast album instead. Note that supporting players are Decca studio artists and not from the Broadway show.
5. 1999 Broadway revival cast with Bernadette Peters (EMI)While Bernadette Peters makes a fine Annie, the rest of the show was sabotaged by new orchestrations and some needless book re-writing! Worthwhile for Bernadette's touching performance of "Lost in His Arms."
6. 1957 Studio Cast with Mary Martin & John Raitt (EMI) Based on the west coast revival which was later broadcast as an NBC TV special for Thanksgiving 1957, this album features the two stars - both in excellent voice - but it is just their numbers with no supporting cast. Not very theatrical.
7. 1986 London revival with Suzi Quatro (First Night) New orchestrations are also the un-doing of the 1986 London revival starring Suzi Quatro. With so many other versions around you can easily give this a pass.
8. 1950 Movie soundtrack with Betty Hutton (Rhino) Movie soundtracks are useless as documents of the stage show because Hollywood usually makes changes to the source material. This is a more faithful than usual film version. This CD has the complete movie score plus the pre-recordings made by Judy Garland before M-g-M fired her. Howard Keel makes a great Frank Butler.
9. 1947 London cast excerpts with Dolores Grey (Prism) This low priced reissue combines the 1946 Broadwy cast and 1947 London cast albums. The London cast recorded four 3-minute medeys of tunes from the show. Dolores Grey and Bill Johnson head the cast. Too short a selection to be of any real use.
Cast albums are NOT "soundtracks."
Live theatre does not use a "soundtrack." If it did, it wouldn't be live theatre!
I host a weekly one-hour radio program featuring cast album selections as well as songs by cabaret, jazz and theatre artists. The program, FRONT ROW CENTRE is heard Sundays 9 to 10 am and also Saturdays from 8 to 9 am (eastern times) on www.proudfm.com