What is your favorite cryptozoological animal? And which one has the best chance of actually being discovered?
for the basics on cryptozoology......http://en.wikipedia.org/wiki/Cryptozoology
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M$2 Answers
As for those with a chance of actually being discovered... that's a tricky question. As your own link to wikipedia shows, several animals formerly thought of as cryptids are now widely known to exist. Most famously the Giant and Colossal Squid was considered to be an impossible creature even as recently as 2001, it wasnt until 2004 that one was successfully photographed in its natural habitat (kubodera).
I think the cryptids with the best chance of being found to exist are those which don't have any real supernatural connotations or violate too many physical laws. For example the common school demonstration of how an ant over a certain size would be crushed by it's own weight leaves most giant insect cryptids firmly in the realm of fantasy while anacondas of up to 10.5 meters have been found in the wild, leaving it much more likely that a particular anaconda may at some point grow to be significantly larger (if unhealthy and unlikely to survive) (Murphy JC).
http://en.wikipedia.org/wiki/Megalodon
Kubodera, T. & K. Mori 2005. First-ever observations of a live giant squid in the wild.PDF Proceedings of the Royal Society B: Biological Sciences, 272(1581):2583-2586.
Murphy JC, Henderson RW. 1997. Tales of Giant Snakes: A Historical Natural History of Anacondas and Pythons. Krieger Pub. Co. ISBN 0894649957.
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M$The phoenix is a fearless, aggressive predator of aerial prey. Its only direct form is a vicious bite, but the secondary damage from its flaming aura and ability to burn help to bring down its prey quickly. A phoenix prefers to attack from above and behind with surprise, but follows up its initial attack by remaining close to burn its victims while continuing to strike with its beak
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