Here's some Urban Fantasy I've read lately:
Fool Moon - Jim Butcher - the 2nd in the Dresden series. Dresden has to investigate some killings that seem to point to werewolves. A great, rollicking story. I look forward to reading the 3rd (which I have misplaced somewhere around here... grrrrr...)
Greywalker - Kat Richardson - A Seattle PI has a near-death experience and finds that she's able to see and move through the "gray" realms where ghosts, witches, vampires, etc. reside. I felt rather ho-hum about this one, though it's a good example of the genre.
Moon Called - Patricia Briggs - A shapechanger (she turns into a coyote) has to deal with some missing friends, a murder, and a revolt among werewolf clans. This takes place in sort of an alternate universe where people have a general awareness of the fey, but werewolves and other sorts are still in the closet, so to speak. This book offers spunky heroine, though I wished the plot had a bit more momentum.
Nightlife - Rob Thurman - A half-elf and his brother try to stay alive when Daddy and some friends come a'calling. The elves in this one are definately not your woodsy, pointed-ear types. They are violent, feral, and are intent on destroying the world. A very fun read. My only disappointment was that the protagonist seemed somewhat static compared to his decisive brother.
Something from the Nightside - Simon R. Green - A private detective goes on a missing persons case into the Nightside, a realm of fantastic creatures that sits in the center of London. There are several books in the series. I enjoyed this first one, though it was a bit more of a travelogue than anything else.
The Apocolypse Door - James D, Maconald - I'm not sure if the esteemed author would argue with my placing this in the Urban Fantasy category, but I think it fits. This is about a modern Knight Templar, a priest, who is on assignment when he uncovers a plot to destroy the universe (which can really ruin your day). This is an incredibly fun read. It's one of those cross-genre books that defies conventions.
Hope that helps!