Deathblade. I don't think any translator is in the same league as him when it comes to Chinese webnovels. I shall Seal the Heavens and A Will Eternal are both translated by him. I'm sure it helps that the author of those novels is Er Gen and they're amazing even before translating. But Deathblade goes the extra mile to get as accurate as a translation as possible while still making it understandable to English audiences. He even works directly with the Chinese author sometimes when confusion crops up.
Maybe RWX comes in 2nd for the translation of Coiling Dragon. There may be a few others that reach this level too. There's a reason Coiling Dragon is usually recommended 1st to beginners. It's very westernized, the translation is awesome, and even the names are easily remembered since they're also western.
After that, I'm not actually aware of any translations that particularly stand out to be as a cut above the rest. It is all too common for translation quality to slip on some novels, be lacking on others, etc. We can probably divide all other novels into four categories. Machine translated/trash, acceptable, good, and great. Unfortunately, I'd say the first two categories are more common than the latter two, but there are still plenty of other good translations out there even if they don't measure up to Deathblade. It's also important to remember that some novel issues aren't the translators fault and go back to the original author's flawed writing. However, we as the reader likely won't know that unless the translator tells us.