Although PMI is against such generalizations (as each project being unique, has different preferred methodologies) but considering the emerging trends, Agile and Hybrid are most favored approached. It doesn't mean that Waterfall is outdated or no more to be considered. Certainly, in large construction projects, Waterfall is still the best one. But considering the vast number of IT and Telecom projects, Agile approach is helps in reducing the risk factor as stakeholder management is handled better. Also, Agile can better handle the changes in the projects, which are the only permanent factor in the projects. Hybrid approach is even more preferred as it includes the good among both worlds and legacy concepts may be adapted to some extent. But finally, PMI stance is right that each project is unique so it is hard to generalize straight-away that one approach is "always" better than the other ones.