I certainly could discuss the "Wizard of Earthsea" and sequels by Ursula K. LeGuin (might have just butchered some spelling).   Its one of my favorite fantasy books.  I actually might go back and read them again, since I have not in a long time.

 It is about a novice wizard named "Ged" (he has another name, but I don't remember what it is. Ged is his "true name", so its very rarly used as anybody who knows it has a little bit of control over him ) that has a very natural (or unnatural?) talent for magic.  His innate ability for magic is so profound, that a super hermit wizard makes him an apprentice to try to ensure he does not accidently kill himself and everybody around him with what might be common witchcraft.  

He is playing around with some super advanced magic, Fantasia style, however he is so freaking good at magic, he actually manages to release some sort of evil spirit into the world (something that no novice should have been able to achieve, and the spirit summoned is so powerful, that an archmage (considered to be one of the most powerful wizards in the world) can do nothing but drain his own life to bring about enough magic to scare him off.

Since an archemage could barely scratch this shadow spirit, Ged is the only one able to stop the spirit.  He sets of sailing around Earthsea to try to track the thing down and destroy or banish it.  

Just thinking of it makes me want to go DM/GM a sailing or pirate campaign in a table top RPG.

Well to me there are so many different things you can like and sometimes even what is important may switch around.

For instance, usually for me the epitome of skill in story writing is that epic feel that you practically experience the story and you feel the eons that have gone before and you see the present of the story as a culmination of events that have been transpiring for hundreds or thousands of years. The authors created world becomes "real" in a sense.

Tolkien and Frank Herbert (Dune) are the top examples of this that I have read (there may be others out there just as good that I haven't). Robert Jordan also did outstanding in this area, although he had other issues that destracted from my enjoyment of his works. I own all of Terry Goodkind's Sword of Truth books, and they are an enjoyable read but he seems a cheap imitation of Jordan and definitely does not have the ability to "suspend disbelief" to anywhere near the same extent.

There are a good number of books that never (to me) let you forget that you are reading a story, but are still very good and enjoyable reading. I'd put Goodkind, Eddings, Hickman-Weiss (Dragonlance) and Salvatore in this category. Donaldson's Thomas Covenant books had a unique quality to them that I can't quite put my finger on, I would recommend the original two trilogies, I ahven't read the more recent ones.

Orson Scott Card has written several outstanding series, my only quibble is that he writes on several series at once and it can make waits between books in a series overlong. But unlike Jordan, at least he had the decency to separate the 30 odd stories that he wanted to tell into separate books/series. His Ender books as well as Alvin maker series are outstanding - you never forget that it is a story but a GREAT story!

C.S Lewis is probably my favorite author of all time, but it wasn't for any of the above reasons, it was for the truths he told in his fiction as well as his dedication to finding the truth he was seeking in his non-fiction that made me a fan. He had a great mind but could explain things in a way that even the average person could comprehend "deep thoughts".

Anne Mccaffrey's Pern books and Pier's Anthony's Blue Adept books I enjoyed when i was younger, but I have tried to re-read them years later and it seems either I have outgrown them, or I remember the story too well and I just don;t get the enjoyment out of them that I did 20+ years ago.

I have heard really good things about the Honore Harrington books, I don't recall the author and haven't gotten around to reading them. But the concept that the author took actual history and retold the same-ish story in a sci-fi setting sounds pretty cool. This is probably my next leisure reading.

4

I normally divide my fantasy into seriously good stuff and seriously good schlock that doesn't challenge you too much.

Under schlock, one could do no better than L.E. Moordesit's series on the Saga of Recluse.  It is not your normal sword/sorcerer stuff but I think that it has a good treatment of the interplay between static and chaotic forces in our lives and how any one person needs to balance them in their lives.  The good guys always win and our interpred hero is well... successful and fines true love typically in the process.

In a more serious vien, here are some books that will shatter you conceptions of what fantasy can be:

1) The Fionovar Tapestry by Guy Gavriel Kay will change forever how you view Lord of the Rings and most other fantasy series.   It has just been reprinted and is worth the 1200 page read.

2) The Paladin of Souls by Lois McMaster Bujold which won the Hugo but is a great action adventure, sort of.

3) The Deed of Parksenarrion by Elizabeth Moon.  Imagine a Vietnam vet (Ms. Moon) working through her issues about war in a fantasy mileu. It is a bit of a slog but will add a real dose of realism to the often gilded view we have of fantasy type battles.

4) The Bone Doll's Twin by Lynn Flewelling is simply a fantastic exploration of gender in a fantasy motif.

5) The Name of the Wind by Patrick Rofuss is a bit more predictable but very good nonetheless.

Of course, there are more, plenty more.  Unfortunately I have not read any of Martha Wells work as I've largely stopped reading fantasy because it has been taken over by detective/socialite/witch combinations with vampire boyfriends who combat evil demons.  I am interested to hear other's suggestions as I'm about to go to the beach for three weeks and would love some great fantasy to keep my company.

I'd just like to mention two series/books that are some of my favorite of all time, and yet seem to be really obscure...

The first is Riddle of The Stars, by Patricia McKillip. It's an incredible book and an incredible story, with a very different approach to fantasy. This might very well be my favorite fantasy of all time, trumping Tolkien, Eddings and the rest.

The second is the series, The Rune of Unmaking, by Madeline Howard. The first two books are out, the third (and final) is yet to be published. One of the things that really stands out for me in these books is the magic. I really do love the way she handles magic - ranging from the subtle webs to blatant magical blasts. It really gives the wizards an aura of power without compromising anything in the process (whereas in most cases, making magic too powerful trivializes everything else).

If you haven't read either of these, I highly recommend them.

Forum nonsense---double post--deleted.

The sword of truth was TERRIBLE. How can you include that?

Robert Jordan and Terry Goodkind should never be mentioned as being part of 'good fantasy'. They are a mockery to the genre and it's incredibly sad that they are mentioned so often and have sold as well as they have. They are what I like to call 'pulp' fantasy.

Good fantasy:

Thomas Covenant series: Donaldson
Wizard of Earthsea: LeGuin
Malazan series: Erikson
Black Company: Cook
Song of Ice and Fire: Martin
Riftwar Saga: Feist
Memory, Sorrow, and Thorn: Williams

Last thing I heared, they are planning to end it with a trilogy, so two more books after the one that will be released in November this year...

That was the plan when Robert Jordan passed away. The author that was selected to finish it lives about 20 miles from me...anyway he decided he could not finish in one book based on the notes he was left. He promises no new plotlines he is just wrapping the existing plotlines up. So they are saying two more books.

Oddly, I just could not get into this series. I read the first book and have had zero desire to read further. I can't place my finger on why as it seems to have all the components of my kind of series and author, but I just found myself dragging through it without any real attachment to any particular character.

As far as good inspiration for Elemental or at least an Elemental mod, I'll back up someone else's mention of Jim Butcher's Codex Alera books. Well developed world, magic system, unique races, etc.