AEO team. Paladin, Druid (single target heal), Bard (AOE and group Heal); Mage (all on meteor, and Shaman (1 point for AOE rest on static shock)

I personally like my team I use a paladin with a magic shield to tank the hits.I use the warrior as a supporter and the I use shaman for dealing status effects with his tornado and vine attack and I use bard as my healer.

Damaging:

Rogue with full Vanish and Double Strike. Shaman with Tornado and Vine Trap is just too good. Hunter with Bulls Eye and Volley is kind of OP late-game, your normal attack will hurt enough(when you need a single target attack) and you won't need the bleeding damage(just hold on).

Supporting: a Druid to give everyone mana(so they can spam the hell out of everyone), Heal your tank when needed, and apply a shy bleeding whenever you're free to do so.

Tanking: Paladin with lvl6 Holy Shield, lvl 10 Leader strike, and the rest @ Flash heal works perfectly for me. He's basically the only threat, so the only one needing healing. 

Leader S.>Shield> Flash Heal> Leader S.> Flash Heal> Leader S.> Flash Heal> Leader S.> Flash Heal> Leader S.> Flash Heal> Leader S.> Flash Heal> Leader S.>

This is not a starting party because all but one of the classes needs to be unlocked.  I have found it to work exceptionally well against large numbers of tough foes, as well as boss fights.  I have finished every quest with this party twice (++) and was working on getting them to three-peat when they accidentally got deleted.  Their levels were in the low to mid 70s.

Left to right:

Bard, Necromancer, Rogue, Hunter, Barbarian

Tactics are pretty straightforward.  Bard buffs then keeps hp up as needed (do not level up disonance for a cheap attack that hits everybody and lets you regenerate mana).  Necro helps the rog/hunter/barb from below and drops summons on guys who need to go away quick; use melee attack to recharge mana.  Rogue jumps to the shadows and uses doubleswing or concussion to best effect.  Hunter uses his DOT or spread attack as needed.  Barbarian goes berzerk (or chugs a shield potion first for tough fights).

I had 2x(THE silver ring) and 2x(polished medal) for my barb and 4x(luck amulet) on everyone else, but I had to drop 2 luck amulets in favor of the polished medals (and bump the barb up to four medals)when I took on mom in the kitchen because her mass attacks were too strong.  I kept it like that for the entire way through the + level and had few issues, mostly when the barbarian was put to sleep or kept from attacking.

Once I get this group together, I have the twister mat set up and don't even bother with tactics until they get to 30 or so.  Just dump all your levels in passive attack boost skills (bard has none) early on, then reset their skills at the tavern when you are ready to dump the twister mat.

With this group, the three guys on the left usually get around 90% critical chance.  I only put about 5-10 levels max in vanish and the other critical improvers.  Everybody gets 20-40% critical boost from items and another 30+% or so from Help from Below.  

Mine is the "single nuke physical team", but first i would like to take a second and say this.

I dont mind Druid, hes a solid class, but geez people bring him up to the heavens - he is so overrated. The same goes for Paladin, i dont mind him, but seriously id pick knight if i needed a pure tank. But i like to play with offense tanks like warrior and zerker. Warrior is gravely underrated and in my party the star i make sure to spend most money on during the game.

And heck people dont like necros skills. Necro is so over-fat its silly.

OK, just wanted to say that based on forum post from places like gamespot.com where people i guess is the opposite of me.

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My team - from left to right

Rouge (hynx) - Main single nuker that currently at lv45 crits 1445dmg with CCB. Rarely misses a crit with +90% chance and picked hynx to lengthen the stun if i actually dont fight elites, but i only fight elites unless the quest picks for me (another reason why i dont care for druid).

Zerker (paris) - Secondary tank and self going brute. Very useful early game where i use Paris and sharpen axe to raise her attack cheap and fast to the double of other DPS-chars like rouge at lower levels, but she stills holds good late game dealing 600-700dmg crits and since i dont use hibernate, her random pattern is not a problem.

Warrior (hugo) - Early game i used knight as my tank and though she can hold aggro (threat) and incoming dmg better then warrior, her dmg is pittyful, not critting pass 200dmg since she cant scale up her own dmg. I started over with grandma first and later hugo since warrior have probably the hardest time holding aggro of all tanks. But I use warrior as my main tank now. The benefit of having warrior is "strike", that puts warrior dmg well over other tanks and cuts enemy attack by ~100. A plain strike crits around 800dmg, but thats not even with combos scaling up the strike dmg.

Bardzerker (Ronaldo) - Bard is a very powerful support class ingame, but once every char is self sufficiant with buffs i like to turn him into a second berserker, using red peppers and 175-200% potion effect landing his attack strength and attack pattern equal to my zerker. I like to put some points into harmonic movement incase any of my primary physical strikers get continously stunned.

Necromancer (Mr. John) - While most chars would work for necro i didnt have dev team unlocked when i made my necro, 10% exp bonus seemed like a trait that would be OK, through out the game. People keep praising shaman, but for magic theirs only one user that rules them all :P Necros minion is redicolous, dealing 400-500 DoT dmg at lv46 but also lowers target all res by 80% amplifying the dmg of all my other physical nukers. Also help from below brings 80% life leech to the table which makes sure every striker heals up full health every turn aslong as they get to attack.

Right now im running through the quests (helping unidentified lifeform) and whiching i could somehow make things more challanging. I really want to face mom, but i eas thinking of completing all quests around the map first,

/Bloodylips

My team is not good for early game. I would recommend getting around 1,500 gold and having the Shaman, Hunter, Barbarian, and the game devs unlocked first.

First(from left to right) get a Barbarian (Hugo). Crit damage and bonus threat allow him to be the main tank while getting good damage. For every one point in Berserk, I would get two on all the other skills, focusing a couple more on Blood Seeker. Don't go too crazy on the Threat level or he will die easily in tough battles.

Then get a Cleric (Ms.Goldberry). Use her as a second tank, getting some threat raising items. Put most points in Weakening and Restoration, and split between Smite and Circle of Healing evenly.

Then you have two options. Get a Hunter (Ronaldo), and decide between a second, lesser tank or what I call "Crit Class". Another tank would mean using some threat raising items and some health ones as well. In Crit Class you take four Pointy Amulets when you can afford them, and put some points in Bull's Eye to have large damage. Both should get high points in Bull's Eye and Heart shot, with some points in Volley to use for Mana Regen (Mana and Life Steal is powerful). And that ~1000 extra gold I told you to get in the beginning? Use them to buy ALL the Greater XP Potions, and drink them (you could put Ronaldo as a rogue and Saulo as the hunter, and do the same thing with the rogue). Now you have like a level 20 hunter while everyone is level 2.

This is a choice that somewhat depends on what the Hunter will be. Get a Rogue if you are using the Hunter as a tank, and a Paladin if you are not (Should be Saulo or Ronaldo, depends on which you used for the Hunter). The choice really only depends on playing style.

If it's a Paladin, put most points in Flash Heal and evenly between Devotion and Leader Strike ( Don't over do the Threat level). Put about 5 points in Holy Shield and leave it, as longer skill duration isn't to important. Get health items, as your skills cover threat levels.

If it's a Rogue, go for Pointy Amulets for Crit and less Threat. Put 3/4 of your points evenly between Poison and Vanish. Put 1 or 2 points into Concussion Blow just for the disable, and put the rest into Double Strike. Then, in battle, use Vanish followed by a lot of Double Striking for really high damage.

And last, but not least, is a Shaman (Gui, Mr.John, Flowers, Paris, or E.T. It's your choice, but I would go with Gui). Put Magic items on him/her, as well as Luck Amulets for better dice rolls. Put points evenly between Vine Trap, Static Field, and Hurricane. The idea is to add magic damage, while providing infinite Mana (Static Fielding the Shaman gives the Shaman more Mana).

The team overall is good for sustaining Health and Mana, while doing a decent variety of good damage, both AOE and single target damage. This means they can do everything with ease. I beat the final Dungeon in the campaign not using any consumables. Just note that this team is very gold heavy, so you might want this after a 20 level team or two.

This is my favorite team.

Paladin(Tanker),

Sharman (Buffer),

Necromancer(Debuffer/Buffer/Dealer),

Hunter (Dealer), 

Warrior (Debuffer/Dealer).

I use Paladin, Warrior, Rogue, Mage, and Hunter.