My favorite scene, and my favorite line.
I define a "scene" as events and a "line" as something clever that is said.
My favorite SCENE was Elliott releasing the frogs. I hate that stupid schools make children cut up frogs, its a terrible thing and instead children should be taught to be nice to frogs. I love frogs and would never harm one.
My favorite LINE was when one of Elliots friends suggested that the other aliens could rescue E.T. by "beaming him up", an obvious reference to Star Trek and Elliott said in an annoyed tone of voice "This is real life!". I love that line because it is totally asinine for someone to assume that just because beings are much more advanced than we are that they can magically just do anything". that is hogwash. It would be like stone age Neanderthals encountering our world and assuming that we are omnipotent gods that can just do anything at any time.
Jill Tarter of the SETI institute said in one of her videos that if aliens can travel far across the cosmos to Earth they can do anything (I think she meant ALMOST anything) but that is NOT necessarily true.