Also to say -- when dipping bread into olive oil, the bread also makes a different. I like Italian franchese bread and ciabatta for dipping -- they're fairly firm, so you can slice the bread thin, and yet they absorb the oil easily. And I think they taste better with the oil than standard "french bread."
Also, you didn't mention vinegar, but adding a generous dollap of cheap balsamic vinegar to the dipping plate on top of the olive oil is a great idea. With bread, pungent-but-not-bitter vineagar makes a great balance to the smooth, fruity, oil.
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