http://www.errantstory.com - Errant Story - My current favourite. THE favourite. A 17-year-old mage girl, desperate to graduate from her school, embarks on a journey to find a god whose powers to drain and to become "an insane, all powerful demigod and enslave all of reality".
Interesting characters and plot, excellent (if b&w) art, some quite deep themes and one of the most interesting worlds ever created for webcomics. Oh, and the Best. Dialogue. Ever. And there's a lot of it.
http://www.garanos.com - Garanos - The first volume of this fantasy/romance story is now ready. The plot isn't very complex, but the characters are very likeable and the storytelling pretty good. The best part, however, is the unique art.
http://undertow.dreamshards.org - Undertow - This one updates rarely and irregularly, but every page is worth waiting. The artist is probably my favourite in the webcomic world. The story is about a demon girl who's trying to find out how the weak humans managed to conquer the world, and a young soldier who's trying to find a kidnapped princess. Check out also the artist's DeviantART gallery and another comic. She draws incredibly hot characters (both male and female), if you like the style.
http://www.cascadiacomic.com - Cascadia - This one I found from Sarah's link list, and it's a pretty good fantasy comic from every aspect I can think of. Definitely worth reading.
http://worldbreak.ashen-ray.com - World Break - A fantasy story only in the beginning, but it looks very good. The art is easily professional level and the story and characters look good.
http://directionsofdestiny.com - Directions of Destiny - An excellent fantasy comic, but unfortunately on a long hiatus. It will continue, though, I'm quite sure. The manga-style art and the deep story and characters already made a home in my heart, even if only one volume is complete.
http://www.haru-sari.com - Haru-Sari - An excellent fantasy comic in every aspect, including deep themes. The only reason I don't follow this one actively is the angsty atmosphere that requires a certain mood to make me able to enjoy this.
http://blackbird.ashen-ray.com - Blackbird - A very interesting plot and two extremely cool and interesting (female!) characters are the best points of this fantasy webmanga. Definitely worth reading, especially now that the author is redoing it from the beginning (the first version was a bit scetchy and unclear).
http://www.earthsongsaga.com - Earthsong - I don't think I need to say much about this, I have the impression that it's familiar to most Inverloch-readers. I think it's pretty good, though nowhere near Inverloch and my other favourites.
http://talesofpylea.comicgenesis.com - Tales of Pylea - Not very far in the story, but far enough that I can say this is going to be a great webcomic. Cool main character, great art, mysterious plot and the fact that this is fantasy are but few of the things that affect my judgement. The main character is a mysterious mage who is suddenly entrusted with a mysterious artifact that is desperately sought by another cool, mysterious and powerful character.
http://ttg.comicgenesis.com - Tales of the Traveling Gnome - This short fantasy story updates only once a month, but it is scripted by the same skilful writer than Tales of Pylea, and the art is extremely high quality. It one of those RPG stories and tells about a group of adventurers who penetrate an old castle occupied by a powerful witch in search of a powerful artifact. I know, sounds cliché, but the scripting and art make it well worth reading.
http://www.noneedforbushido.com - No Need for Bushido - Extremely funny until it recently changed for much higher quality art and more seriousness. The story takes place in Japan, apparently a few hundred years ago. Excellent characters and dialogue. Definitely worth reading, also the alternative scripts and other extra stuff.
http://www.rmcomics.com/Mirror/Current - The Gods of Arr-Kelaan - What would you do if you suddenly became a god? Very funny yet very thoughtful, this greatly imaginative comic is one of my current favourites. The art is seems mediocre at first glance, but don't let it scare you: it serves its purpose better than a more realistic style would. You'd better read the earlier comics of the same series first, they are accessible from the main page.
http://www.drunkduck.com/Purgatory_Tower/index.com - Purgatory Tower - One of those "in the beginning but looks promising" cases again. High quality coloured art and interesting starting point for the plot made me check this out (along with the fact that this, too, is fantasy), and I rather liked it.
http://angrydmonkey.com - Angry D. Monkey - It's about a monkey boxing master who's guarding an island by the request of a flying, french-speaking and magic-doing imp (or whatever) with his little brother and frog friend. Oh yeah, and the goddess Aphrodite herself is madly in love with him (to his annoyance). Need I say more?
http://exiern.com/index.php - Exiern - I'm a bit hesitant about putting this here: it's perilous. If you decide to check this out, promise me first that your relatives or friends won't hold me responsible if you die of laughter during the process of reading this comic. I almost died of laughter at least fifteen times (NNFB and Errant Story did that only a few times, and they are both consideraly longer). It's about a barbarian who is turned into a hot chick by an evil and all powerful (if somewhat unlucky) wizard, while rescuing a hot princess he had kidnapped. Yeah, it's a fantasy parody, and a damn good one. The only minus is that while half of the pages are done by hired professional artists, half of them are done by the writer herself, and she's WAY worse in drawing than writing.
http://www.ayzewi.com/index.php - Wrongside: Beginning - Fantastic art, one of my favourites on that department. The characters are mostly antropomorphs, but they're very interesting personalities, so even if you don't generally like them, check this out. This is just a prologue to a larger story and it concentrates on character development rather than action, but it's still well capable of holding the reader in its grip. The artist's DeviantART gallery is also worth checking out.
http://www.giantitp.com/comics/oots0001.html - Order of the Stick - It's unelievable how lively stick figures can become if their personalities are well enough made and the story is long enough. And this comic is pretty long. And it's funny, it (too) almost killed me a few times. It's worth reading even if you're not very familiar with D&D.
Yeah, almost every one of them is fantasy. It's my specialty. I rarely bother to check other that fantasy webcomics, unless there's something extraordinary in its description that arouses my interest. But I assure you, they're all good. Fantasy is a plus, but it alone isn't even close to enough to make me read a webcomic.
