The best, most complete commentary ever written on Matthew is by Dale Allison and W.D. Davies. It's 3 volumes; it's very complete; and it's very, very good. Davies-Allison, A Critical and Exegetical Commentary on the Gospel According to Saint Matthew (The International Critical Commentary) .
My second recommendation is by Don Hagner, the Word Biblical Commentary: Word Biblical Commentary Matthew.
Third, I recommend R.T. France's new commentary in the NICNT series: The Gospel of Matthew (New International Commentary on the New Testament)
Fourth, the new commentary by David Turner is thoughtful and theologically sensitive: Matthew (Baker Exegetical Commentary on the New Testament)
Finally, one can read each of the above and still gain insights from John Nolland: The Gospel Of Matthew: A Commentary On The Greek Text (New International Greek Testament Commentary)
OK, preachers and teachers, any other suggestions?

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D.A. Carson (EBC)
I vote with Clint Walker for Dale Bruner's commentary on Matthew. Dr. Bruner states that it's purpose is to teach doctrinally. He does what I have never seen any other commentary do: seek to teach the material as though the reader is with him in a class room, giving mnemnonic devices to remember as well as understand. It remains #1 commentary of all times for my mentor. I am working through it for the third time and still find it wonderfully helpful.
Scot,
Two suggestions for your series. (Which I am really looking forward to!)
First, could you include how many volumes there are for each commentary you list? Knowing that Davies-Allison is 3 volumes and Hagner is 2 volumes whereas France is 1 volume would be extremely helpful for those of us on a small budget! (It might be helpful if you even just say in every list: "This is the one to get if you're on a tight budget.")
Also, could you include some further comments with your lists? Whether or not the commentary requires one have experience with NT Greek, whether a particular commentary is highly academic or highly pastoral (or some great combination of both!), etc.
Thanks in advance. As I said, I'm really looking forward to seeing this project take shape!
One more idea as well: Finish the series by discussing other study resources pastors, teachers, and those of us who want to study the NT should have as well (Bible dictionaries, etc.). That would be really helpful.
Thanks again, Scot. Looking forward to the series!
My current favorites are Keener and Bruner.
It's not an exegetical commentary by any stretch, but I think Dallas Willard's The Divine Conspiracy: Rediscovering Our Hidden Life In God taught me more about how to understand Jesus' teaching in the Sermon on the Mount than anything else I've ever read.
He gets to the heart of Jesus' teaching so beautifully. And as much as I love detailed exegetical commentaries, you often feel they miss the forest for the trees.
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