G'Kar is another strong and awesome character. I love the sort of tenuous friendship he and Londo seem to share through much of the season (Despite the hatred G'Kar develops for Londo after the invasion of his planet). Granted, it seemed sometimes like it was the friendship between a master and his pet...
And then his relationship with Vir. The kind of relationship of a mob boss father who DESPERATELY wants to keep his son out of the "family" business. I love how he calls in a favor from the Mimbari.
I also love how Morden seems to unwittingly honor Vir's wish...

What do you want indeed?
The truth behind the Mimbari surrender ("Mimbari do not kill Mimbari") and the origin of the soul merger (And the payoff to the nested clue that Valen was not Mimbari, but became Mimbari) were definitely climax-worthy notes.
I also love the closure involved in Bab 5. Everything wraps up so well.
The underlying totalitarian themes are very scary, very realistic-feeling, and very cool. I always hated how Star Trek always claimed a Utopia when they were always fighting and they were always able to outmuscle the other guys. That is kinda silly. Whereas, you get Ivonova's Bab 5 intro--The Babylon Project was our last, best hope for peace. It failed."
But I digress. Back to Londo, just when you want to hate him, they reveal why he was so determined to get power, and why he let himself slip down that path of good intentions. His inability (or unwillingness) to take control of his situation really makes him seem...Well, real.
Ambassador/Citizen G'Kar's evolution is similarly good TV. He seems so sinister at first, but really grows on you. Of course, he starts off as the sponsor to an assassination attempt. He's naturally gonna seem a little evil.
Man, it sucks that people can't see Bab 5 in Canada.