Jarvis Cocker's lyrics for Pulp have a certain poetic quality to them and Neil Hannon of The Divine Comedy is often very witty and clever, as was the guv'nor himself - the late, great Ian Dury. Then there's Elvis Costello. Oh, and Kirsty MacColl (and if you like Kirsty, watch out for the young and very talented Thea Gilmore).
For me though, the all-time award has to go to Ray Davies of The Kinks.
I agree with littleoldme on the kinks, but think the Smiths need a mention with lines like "what she did to me at the end of the day Caligula would have blushed" and "I left my bag at Newport Pagnell" Lloyd Cole and the Commotions were good lyrically. Space tell great stories.
pink floyd, van morrison, and morrisey undoubtedly best lyricists of all time even though i dont like the smiths or pink floyd that much, they are consistenty rated as best lyricists of all time
trouble is with saying natasha bedingfield and eminem are good lyrcists is that noone really knows if they actually wrote the lyrics themselves or just paid professionals to do it for them. more true for natasha bedingfield than eminem