I have to say my favorite "new" artist of the "old" school is one Pete Mullen. If you've not yet taken a gander at the art on his web-site, you're missing out. Seriously, this gentleman's stuff is the most inspiring, imaginative work I've seen since since EO's heyday. Its very cool to me just how thoroughly Mullen "gets it", when it comes to capturing the old-school spirit (hence my compulsion to festoon my blog with his work in every free space I can find ;). Everyone I show the Swords & Wizardry core book to has to stop and marvel at the cover.
If he's available, he's definitely going to be my first stop when its time to commission the cover art for my Warriors of the Red Planet book. If you're a publisher, or self-publishing, hiring this guy for your art is one sure way to get a sale from me!