None of the following are particularly obscure, but they are all under-rated in my view, and I haven't seen any references here, at least not recently, so:-
(1) The Waterboys - Lead singer/lyricist Mike Scott has had a long career in music with many interesting twists and turns and has lived, at various times, in a commune in the Scottish highlands, the West of Ireland, downtown Manhattan, London and Dublin, absorbing new influences in each place. His musical associate Steve Wyndham provided the electric piano parts on 'The Unforgettable Fire', incidentally. They had a number of UK/Irish chart hits in the late '80's. After a few patchy solo albums from Mike Scott, the reformed band put out the excellent 'A Rock in the Weary Land' in 2002. If you like traditional Celtic music blended with rock, with the emphasis on rock, you will enjoy the Waterboys. Key word: soulful.
(2) The KLF - pretty big in the UK in the early '90's but now seemingly under-rated. Pretty much singehandedly invented rave/dance culture.
(3) The Associates - early '80's duo consisting of a very talented lead singer and even more talented multi-instrumentalist. The charismatic lead singer Billy McKenzie had a truly unique vocal style. Bono referred to them in the recent Mojo interview, incidentally. Not that that matters but it shows his tastes have not gone totally mainstream/middle of the road,
(4) The Shamen - Like number 2, big in the UK and some other parts of Europe in the early '90s but now under-rated. Took dance music to a whole level.
(5) Whipping Boy - Didn't really make it big outside Ireland, but Hot Press voted their 1995 album 'Heartworm' number 4 in a recent list of the best ever albums by Irish artists. Key word: angry. If Acrobat is one of your favourite U2 tracks, I guarantee you will like this band.
Zoomerang96, I will leave it to you to extol the merits of Future Sound of London.