RH,
Having only kept Bees since January, there's still some parts of the process that I'm yet to experience, such as a honey harvest...That being said, I think I've enjoyed most every step in the process, building boxes, assembling frames, etc. etc. Even painting and getting stung on occassion hasn't been that bad. :-D
However, hands down, my least favorite part is wiring frames, especially when I'm trying to get them as tight as possible and pop a wire...Grrr...Frustrating!