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Well I guess phase 1, 2, 3, 4 are the most developed. When I visited BT I like the phase 4 as the mini golf course was in that phase and so was the mini zoo and had a good commercial area coming up. It was near to the road leading to Islamabad high way. Quality wise all the phases were same but phase 4 was slightly less populated that phase 1 but I think phase one was closer to Pindi...
For living phase 1 2 3 r good location wise and all other prospects. For plot rates you can check a general review on Zameen forum Bahria search I know a person working there otherwise I will mail you his contact number.
If altitude is the criterion, Phase 1 & 2 will beat others from the peaks. However, Phase from 1 to 6 are closely situated or almost the same vicinity and specific plot's location and filling (land's weight bearing strength) is more important than the phase number. Phase 3 has more areas of depression with a lot of filling.
In last few weeks I have visited Bahria frequently to get answer of the same question as I am also looking for a suitable place to buy. I have clearly made out that Bahria Phase V is the best phase for living. Huge commercial area is being built around, its the phase on highest elevation and people living there are also those who have selected this phase by choice and not like initial phases which were populated by default. All points for phase V.