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As others also stated, it heavily depends on the actual watch family/model. With the Nautilus and Aquanaut line, platinum is the most desirable since it's the rarest. While with the dress Patek models, steel is the rarest so it's the most desirable.
To me personally, it's all a matter of which model is in question. For example, the 5146P has a cleaner dial than the gold 5146 models, so I'd pick the 5146P for the dial alone. While with the 5711P being so similar to the steel 5711, I wouldn't bother trying to source a 5711P, especially at those outrageous prices.
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"In an age of obsolescence and gimmickry, this simple classic virtue of a Rolex is indeed a rarity." (Rolex ad from 1974)
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