Masterworks listing
In response to a question this morning, I’ve put together a list of the Gollancz Sf Masterworks schedule till the end of 2010 here. Will try to keep it updated as new titles are added.
Graham Sleight
SF and fantasy critic
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Graham Sleight 
Being a Leftpondian, I had not realized that the Gollancz SF Masterworks series was resuming. Mazel tov on your role in it.
I will confess that I found the Fantasy series more *personally* engaging, because it had more works that were hard to find (e.g., the Dunsany volume, the complete unedited Howard Conan stories, the Clark Ashton Smith “best of”. Do you know if the fantasy series is returning as well?
There are no plans that I’m aware of to re-do the Fantasy Masterworks, but I agree with you that there were many more obscure/hard-to-find works in the FMs. (Perhaps the underlying issue here is that fantasy doesn’t have as full a sense of its canon compared with sf?)
Fantasy as a commercical genre has existed for less than half as long as science fiction (~33 years versus ~85), so it’s unsurprising that there’s a larger body of isolated works forming the backstory of fantasy. And contrawise, more “canonical” sf books are from the period in which sf was an established genre. If the SF Masterworks wanted to dip into “proto-sf” as much as the Fantasy Masterworks of necessity dips into pre-genre fantasy, it would have a lot more rarities.