I have to give a thumb's up to the first five books of The Incarnations of Immortality series. The last two were pretty good, but not as good as the first five IMHO. Actually Piers Anthony has written a bunch of good stuff, and I mean a bunch.
The One Tree series was a good read too.
I agree that Moorcock wasn't the best in the genre, but I have to give him bonus points for his association with Hawkwind.
The last fantasy novel I read was "A Game of Thrones" by George R R Martin (yeah I know, the "RR" almost made me put it down too...). The carachters were well written and suited to their place in the story, not just your standard "smart guy with wand, strong guy with sword" type of thing. It's written well enough that if you took away the fantasy elements, it'd probably still be a decent story. It's the first in a series, but I haven't read the others yet.