In case you're looking for something new and original either for yourself or for a friend who likes English literature, have a look at this list of recommendations from January Magazine, an online literary magazine.
The January Magazine Holiday Gift Guide 2005: Fiction
There has also been a list in the New York Times, of course. A couple of lists, to be more precise:
And, finally, something I really recommend: Superb choice of audio material - readings by contemporary authors, interviews, discussions - fascinating and *free*:
Author readings and interviews