His Dark Materials
The best Fantasy series, in my opinion, is His Dark Materials by Phillip Pullman. These books create a story of parallel universes, while defying the existance of God. It give meaning to the word 'age' through Dust, as well as uses history to define time. The usage of daemons create this greater understanding of human nature.
Over all, I would definitely recommend anyone to pick the trilogy off the shelves, and start the exciting journey on which the series takes you.
Although I must agree with the Wheel of Time saga by Robert Jordan. I am in the middle of the second book, and can barely put it down. So far the first seems better though.
With Tolkien, although his writing is beautiful and his saga amazing, I find his work occasionally racist, like the fact that all the men supporting Sauron were dark, and had an arab-like appearance. They also had animals similar to elephants (which can only be found in certain parts of Asia and Africa). Otherwise he was an amazing writer.