Naomi Novik's Uprooted delivers there. Does it ever. The characters are as lush and wonderful as the world-building. Full of detailed, grounded magic, encroaching evil, and beautifully drawn relationships, Uprooted was one of my recent favorites. For me, this was a book that lived up to the hype.
Sometimes, though, I'm in the mood for a little magical realism.
Moira Fowley-Doyle's The Accident Season is hard to describe. It's about secrets, and shadows, and shattering. It's about families, the ways we break ourselves and each other, the things we hide and how they always come back to haunt us. While the secrets underlying the "accident season" were intriguing, I ended up caring more about the damaged, sympathetic characters, and how they might find some measure of healing.
Or what about good, old-fashioned second-world fantasy? Not a fairy tale, just solid world-building and a great story.
Miriam Forster's Bhinian Empire series (City of a Thousand Dolls and Empire of Shadows) is set in a richly-imagined world populated with shape-changers and based loosely on ancient India. With so many books already based on European mythology, this setting provided a refreshing change. I deeply enjoyed both books. (They are connected and set in the same world, but feature different main characters.)