I love rap, too, but am always afraid to be too vocal about it as my tastes run a bit commercial, and it seems that aside from Nas and Wu-Tang, commerical rap is frowned upon here, and I so need all of your approval.
With a few exceptions, I don't like really old school rap, politcal rap, and most underground rap.
My favorites:
-Wu-Tang (GZA and Ghostface and my favorites, though GZA hasn't done anything worthwhile in at least a couple years)
-MF Doom
-Madlib
-Dr. Dre (who can do nothing on the mic, but who is also responsible for so much of what I love in rap)
-Ice Cube (It Was a Good Day is the best song EVER)
-Snoop Dogg
-Nas
-2Pac
-Kool Keith
-OutKast
-Public Enemy
-Cam'Ron
-Jay-Z
-The Roots
Favorite albums:
GZA: Liquid Swords
Madvillain: Madvillainy
(the first two are among my favorite albums of any genre ever, just barely missing the top 5 cut)
Snoop Dogg: Doggystyle
Nas: Illmatic
Public Enemy: It Takes a Nation of Millions To Hold Us Back
Quasimoto: The Unseen
Jay-Z: Reasonable Doubt and Blueprint
My main issue with rap albums is the tendency to go overboard on skits. Also, the tendency to make albums that are way too long. There are dozens of albums that I love, or at least love several tracks off of, but aren't really favorites. Not only is Illmatic an excellent record, it also should serve as a template for the ideal rap record: No skits, an intro you can actually listen to, no outro, and clocking in well under 45 minutes.