Shoegaze recommendations...

Slowdive is awesome. I think the best recommendation would be to check out My Bloody Valentine, in particular their album Loveless. Also, Rumskib's self-titled debut album is very reminiscent of My Bloody Valentine.
 
I agree with LifeDepraved, Lush's "split" album is one my favorite albums, besides a couple of semi-corny songs it's actually very beautiful. "Spooky" is more pure shoegazer material while "split" is something between shoegazer, indie and britpop
 
Yeah, the new Alcest cd is surprisingly good for a debut album. Definately check that out, as well as the other essentials already listed in this thread. Also, Rumskib's debut album deserves some recognition. They just released their first cd, and it's one of the best surprises of the year. If you like My Bloody Valentine, then don't miss out on Rumskib.
 
Loveless is truly an amazing album, I have to agree. Also, if you're looking for more recent stuff, Jesu's Conquerer is very much along the same lines, just with bits of Godflesh here and there...

Peace