Holmes for sure. Holmes badly cut Holyfield yes I know it was with an elbow but it meant Holyfield had to deal with a mini crisis and Holmes finished the fight strongly. Holmes also frustrated Holyfield with his defensive skills on the ropes and was competitive throughout. Foreman had the most memorable round against Holyfield in their classic 7th round where he stunned Holyfield. But outside of that Holyfield did inflict alot of punishment on Big George. Holmes won atleast 4 rounds vs Holyfield with the possibility of being 5 rounds. Foreman won atleast 3 rounds vs Holyfield with the possibility of being 4 rounds. Finally punchstats were alot more competitive in the Holmes fight. Holyfield only outlanded Holmes 247-207. Where as Holyfield outlanded Foreman 355-188. All in all Holyfield/Foreman was a more exciting fight and Foreman probably hurt Holyfield more. But Holmes was more competitive.
Holmes, he won more rounds than Foreman did. But Foreman was the much tougher fight. Holmes confused Holyfield a lot with his skills but he couldn't really dish out any damage beyond the elbow he landed and it was apparent that he was heavily outclassed in a physical sense. Foreman took some of Holyfield's absolute best shots without flinching, pushed him back and actually had him hurt and reeling around the ring when he landed. Holyfield was far ahead of him in the scorecards than he was against Holmes, but against Holmes, Holyfield just looked frustrated in the final round. Against Foreman, in the final round, he was clinching the guy every 5 seconds in fear of taking another bomb to the face.
Definitely Holme's Larry was 42 and long past his prime but he made it surprisingly competitive. He used that jab effectively and won several rounds. Holyfield had to fight seriously, there was never a feeling that Holmes was in trouble or getting overwhelmed. He really made Holyfield work for the win.
Without a doubt Larry Holmes did better than George, but both of them showed in their old age what truly great Champions they were.