My own recommendations (if they count for anything...)
A good idea might be to check out a compendium called LEGENDS. Top Fantasy authors were asked for a short story set in their world/universe. It presents a good overview of about a dozen different authors. There is another series based on sci-fi books, but I can't remember the title. Both were edited by Robert Silverberg. Another LEGENDS is coming out soon.
Terry Pratchett - If I could recomend him any more I wouldn't stop talking for hours. Skip the first two books in his Discworld series (The Colour of Magic and The Light Fantastic, but read them after you've read something else by him. They don't give a true picture of the rest of the series - he was finding his feet) and read anything else. Then go out and get more. And more. The only fantasy humour worth reading that I have come across. The best online site that know of is
http://www.co.uk.lspace.org/ Alt.fan.pratchett is also worth checking out - he posts there regularly.
No one has mentioned Neil Gaiman yet. While it may not be heroic fantasy as such, if you can get your hands on his comic series Sandman, then you are in for a thrill ride of otherworldly dimensions. His novels Neverwhere and American Gods are excellent, as is his childrens novel Coraline, and pretty much anything else he has written. He has one of the best author blogs at
http://www.neilgaiman.com/journal/journal.asp
George RR Martin. What can I say. Wow. A Song of Ice and Fire was meant to be only five books, but he is trying to keep it down to seven, and he really regrets expanding it out (he still hopes to keep it within six but is afraid he'll be pushing out to seven.) He is intending to write more Dunk & Egg stories (Hedge Knight is coming out as a comic. Woohoo!). He's not afraid to kill off characters (especially just when you are beginning to like them), to make you think differently about established characters (are they evil, or good? Sometimes its so hard to tell!) and generally make their lives incredibly difficult. It's awesome stuff. For more information try his homepage at
www.georgerrmartin.com or the fan site at
www.westeros.org The other stuff he has written, or been involved with is generally pretty good (Fevre Dream (vampires and paddle steamers)) is excellent and the super hero series that he edits (Wild Cards) is above so-so.
Alan Moore. I'm not really a huge comic fan but Alan Moore and Neil Gaiman rock like nobody else. Read From Hell (much better than the movie) and the League of Extraordinary Gentlemen (Upcoming movie, but book will probably be better again). Also read V for Vendetta (this is a must) and Watchmen. Then read Swamp Thing, Top Ten, Promethea, and anything else you can find that he has written.
Mervyn Peake's Gormenghast is a literary classic. This means that it is incredibly hard to read. But it is well worth it. The BBC adaptation was excellent, if you can catch this then do so.
David Eddings. What a let down. Read the first series, but don't touch the rest with your 10' pole (tm). Don't even go near the one with a cat on the cover. Not even in ful protective gear.
Robert Jordan. Was good. Now not good. Stuff happens in the last 20 pages, the rest of it is filled with whining, crossed arms and hair-pulling. The sooner he kills everybody off (and doesn't bring them back!) the better.
Robin Hobb - in the two series that I've read (Liveship Traders and Farseer Quest (Books are packed up, can't find them at the moment to check titles) the first two books in both series are good, but the third in both is a complete let down.
That's all that I can think of for now, but until next time - make sandwiches, not war!