LOTR is a given, of course. I'm a dork and I love Harry Potter (hence the name onesnowyowl). I cannot wait for Order of the Phoenix. I'm also in love with Diana Gabaldon's Outlander series, and am waiting patiently for Fiery Cross to come out in trade paperback. I'm also a fan of Auel's Clan of the Cave Bear novels but I'm afraid the story has been stretched thin. Hopefully Shelters of Stone (also waiting for paperback) will be better. As for favorite authors...I'm still a dork and like romance novels...
...So I'd have to say Nora Roberts and Jude Deveraux. Deveraux's "Velvet" series is also very good.
