*** Extremely minor fantasy book spoilers- if you don't want to know anything about a series, don't read this- most people will wonder why I even bothered to warn them***
Xanth was great for about the first 185 books. The next 627 are a bit derivative.
I didn't have much use for the Pern series. It just never went anywhere I wanted to go. I didn't get past the second book.
Shannara is ok if you don't mind a bunch of emo crap. There's some cool stuff in there.
The Hobbit is very different in tone and purpose from most of LOTR. I highly recommend it. It's extremely clever and well-thought-out. LOTR is, of course, at least as great as its reputation makes it. But Tolkien's true masterpiece is The Silmarillion. It's very difficult to get into, but once you do, you experience fantasy on a level that dwarfs all others. I had to try 3 or 4 times to start reading it, and a Tolkien encyclopedia finally helped me very much in understanding some of the basic concepts, but I wish somebody had told me years earlier that this was one of the truly great books, and that I should persevere.
The Earthsea series is moderately intellectual and not long on action, but it's not long on boring logic-puzzle dialog either. It's hard to describe. It's a bit of a Zen thing- the story is as much implied as stated. It makes you think, but not just to figure out the clever twisty machinations of the author- it gives you the opportunity to participate, in a way. I'm no good at describing it. The first book is only like 120 pages- what do you have to lose? But the second one is better.
I liked the Belgariad. A good mid-weight series. I did get horrifically sick of the bantering. Couldn't get into the Malloreon. Maybe someday.
Feist's Magician series is one of the best you'll find. It has a bit of everything good and not much bad. The derivative parts were irksome, but they were used in new ways, so I was willing to go with it.
Have you considered plain old adventure novels? Treasure Island, Swiss Family Robinson, Captains Courageous, Master And Commander...you can find a lot of fantasy in these novels. I respect and enjoy them much more than most S&S novels, which generally seem to just be trying too hard. Tolkien casts a very long shadow.
I must say, though, that Tigana gives him a serious run for the title. It's much more modern in style, though not enough to nauseate. It's extremely well-balanced and learns from the successes and failures of its predecessors. It's called the greatest single-volume fantasy epic by some.
Finally, check out 100 Great Fantasy Short Short (sic) Stories). I need to get hold of that book...