One more solution, which works for both numeric & character/factor data:

Mode <- function(x) {
  ux <- unique(x)
  ux[which.max(tabulate(match(x, ux)))]
}

On my dinky little machine, that can generate & find the mode of a 10M-integer vector in about half a second.

If your data set might have multiple modes, the above solution takes the same approach as which.max, and returns the first-appearing value of the set of modes. To return all modes, use this variant (from @digEmAll in the comments):

Modes <- function(x) {
  ux <- unique(x)
  tab <- tabulate(match(x, ux))
  ux[tab == max(tab)]
}