Your favorite recent discovery

Absolutely, Fourwnds! That LP has been in my collection since the 70's, and is not only great musically, but is also of audiophile recorded sound quality.

I discovered Chris Campbell and Cyrillic Typewriter. Both artists are ambient and sophisticated electronics.
I also came upon the EP Sweet Convulsions which is post-punk-gothic project of early 90's and pretty hard to find.

Tame Impala, Erin Smith, Vice Versa, Dirty Water, Colin Lake

Chad Smith's Bombastic Meatbats. Heard one of their tunes on the radio and found a couple of their CD's on Amazon to purchase. Unique sound.

Almost too many to list thanks to Spotify. Their Browse/Discover feature is very helpful in this regard. Also, not to hijack this thread started in 2004, but readers of this thread might also be interested in visiting "What's In Your CDP Tonight - The Minority Report". While not totally about obscure/new...a fair amount of what's there is. Here are 5 new-to-me artists that I've been enjoying:

The Lord Dog Bird - first (red) album

All Tiny Creatures - Harbors

mewithoutYou - several, but esp. Catch For Us The Foxes & Pale Horses

Bibio - Vignetting the Compost (& various others too)

Damian Jurado - for me mainly his Richard Swift-produced trilogy: Saint Bartlett, Maraqopa, & Bros. & Sisters of the Eternal Son

I could go on ad nauseum, but won't.