The Guardian is running a series on the 1000 novels that everyone must read. Ha! However, they do have an SF&F list, they have got some competent people to assemble it, and the end result if actually quite interesting. The books range all the way from Rabelais to Rushdie and a number of Hugo winners. Top current proponents such as China Mieville, Gwyneth Jones, Al Reynolds and Ken MacLeod all get a nod.

The article starts here, but you need to look for further links in the sidebar to the right to see the actual lists.

Please note, the whole point of such lists is that people should disagree with them. My personal beef is the absence of Ian McDonald.