Okay, so a bunch of people have beaten me to the punch on this (including decor8, which is where I found it), but let me say it anyway: the Zara Home catalog is lovely. I really like the rug in this picture:
I'm not normally a huge fan of the pale, shabby chic look, but they do it so well. It's clean & crisp & uncluttered, but still comfortable-looking. And there are lots of neat little touches; notice what they did with the fireplace here, although I don't understand why catalogs so often involve not seeing the titles of your books. Wouldn't they be a lot harder to actually read this way?
Additionally, the layouts are really well thought out; I'm especially fond of the page with the spiral staircase on the left and the shell on the right.