The secret to great French toast is easy: start with good bread. Despite growing up with French toast made from regular sliced wheat loaves, I now decline to make the dish if I don't have good bakery bread on hand. Challah is best, French/Italian loaves work well too, just nothing too crusty.
Slice your bread and preheat the pan. Then just make the dipping mixture from eggs, a little milk, a dash of nutmeg, and a splash of vanilla extract. The staler the bread, the more mixture you need. Dip briefly (don't soak!), then plop in the pan and sprinkle the top with a little cinnamon sugar. Flip when the bottom is golden brown, and serve when the second side is done. Maple syrup, pecans, and raspberries work particularly well as toppings.
Optionally, you can spread peanut butter between two slices of bread and French toastify the whole sandwich. Childhood nostalgia aside, I don't recommend it. (Sorry, Dad!)