Rich, dense, and chewy: words that describe both the ideal chocolate chip oatmeal cookie and "Phantases," by George MacDonald. The later is also usually dreamlike, often poetic, frequently allegorical, and occasionally very profound. It would also be fair to label it as "rambling" and "sometimes rather slow," but these minor issues can be forgiven in my ever-so-humble opinion.
As the subtitle suggests, this is a fairy tale for grownups. The hero finds his way into Faery Land the day after his 21st birthday and gradually makes his way through, taking the adventures that come as he wanders not quite aimlessly, (for he always has some method of choosing his direction, and is quite comfortable with the idea that his path is being shaped) but without much intent, until finally he is given a quest and the means to achieve it. Along the way he encounters mindless evil, hollow beauty, unrequited love, pride, and finally humility and sacrifice. Much of the way his steps are dogged by his Shadow, a dark blot on the landscape that has a mind of its own and sours most everything on which it is cast. If he has a goal - and the dreamlike quality of most of his wanderings make this questionable at times - it is to free himself of this second self. Whether and how he succeeds makes this worth the read and more. Interleaved in the larger narrative are a number of stories and songs, fragmentary and otherwise, that are themselves quite interesting and worthwhile.

Our modern "fantasies" have long been tending towards the deconstructionist; heroism, integrity, morality, sacrifice, love, honor, and any hint of symbolism or allegory are pummeled down, repressed, and sometimes stripped out all together. The empty husks that are left are rarely worth reading - and how can they be? Fairy Tales like MacDonald's are welcome breath of fresh air blowing from a century and a half ago. Take a break from Jordan and Martin and pick up a real classic! :)