Some recent favorites:

Fionn Regan - The End of History: Mostly finger-picking-style guitar, this kid has some SERIOUS talent. This album grabs you at about 3 seconds in, it's that good.

Bonnie "Prince" Billy - The Letting Go: Pretty mellow, but lush, goes from sparse to huge crescendos even within a single song. Really nice male/female vocal harmonies as well.

Medeski, Martin and Wood - Tonic: 100% acoustic live recording of a fine jazz trio. Some of their improvised stuff won't be everyone's cup of tea, but when they get rolling they make some of the best live jazz I've ever heard. Because this one was recorded through mics on the stage and not through the board, you hear every stool creak and audience noise, and it sounds great in 5.1.

Harry Manx - Road Ragas: Some great live blues and a few ragas to get your groove on. There are a couple fantastic covers on this one, like BB King's "The Thrill is Gone".

I've been driving my local library crazy picking up a lot of the stuff recommended here, so thanks everyone!