Since I have dry skin, I'm usually a fan of oils and creams. However, I've recently been testing KC Kang Hydrating Rejuvenation Lotion ($70), and although it's a lightweight gel, it's also extremely hydrating.
The KC Kang brand's claim to fame is that it's made from sea water from 2,400 feet under the ocean, but I think what actually makes this stuff work is that it contains marine collagen and hyaluronic acid, both of which are excellent humectants. While it's not cheap, it does work better than lots of equally expensive products, and the bottle is huge (almost seven ounces), so the high price point is a little deceptive.
Still, I'd love to see this product come in a more standard two or three ounce version, because at price per ounce it's much cheaper than Clinique's similar Moisture Surge Gel-Creme ($34), and actually hydrates more satisfactorily.