Here's a link to School Library Journal's Top 100 Children's Novels; I found this list via our library's website and thought it was pretty awesome. Whenever I see lists like this, I always have visions about having deep, intellectual book discussions with my Ladies. If only there were time to read them all!
As with anything, take the good and leave the bad, and of course I encourage all parents to carefully screen what their children are reading/watching/hearing/playing, etc. to be sure it's appropriate for them and is in line with your family's values.