I'm always on the lookout for a good plate of biscuits and gravy.  It's one of those dishes that can either be really great if properly executed, or something you'll regret for the rest of your day.  Given today's dietary trends, it's pretty much on the outs, since it tends to be loaded with both fat and carbs.  I've tried lo-glycemic biscuits and gravy, and had some pretty decent successes, but most restaurants go for the old fashioned fluffy white biscuits.  As an occasional indulgence, I'm willing to take the hit.  This weekend I happened to be in lovely Port Gamble, WA, and found quite a lovely plate of said delicacy at the Port Gamble General Store.  They have an all you can eat breakfast buffet for a very reasonable $5.95 on Saturday and Sunday mornings.  If you happen to be in the neighborhood, check it out.  You can also get a good plate of b&g at the RV park just north of Kalama, WA, or at least you could a few years back. 

If you want to make lo-glycemic biscuits and gravy at home, here are some suggestions:

• don't skimp on the biscuits.  I like Bob's Redmill Lo-carb baking mix, but I've made them from scratch too.  I go heavy on the barley flour, since I'm more interested in glycemic index than in no-carb.
• for the love of heaven don't use weird lo-carb thickeners.  I've had gravy thickened with xanthum gum instead of the traditional roux, and it's VILE.  No flavor at all.  Yuck.  I use something lower-glycemic like barley or whole spelt flour, since if you aren't going to make a roux, it's not gravy, it's greasy soup.  If you are that concerned about carbs, do yourself a favor and eat something else.
• soy milk works OK.  It comes out pretty well.  However, make sure you use unflavored.  My wife made a batch from vanilla soymilk once, since it's all she had.  The result turned out to be way better over oatmeal than biscuits. 
• the better the quality of your sausage or bacon for the gravy, the better the result.  I like New Season's bulk pork breakfast sausage. 

All these gravy tips apply equally to the even more ambrosial dish, chicken fried steak, which is well worth making at home if you like that kind of thing.  I realize many people just don't, but I was raised by hippy vegetarians, so chicken fried steak, or even chipped beef on toast is and exotic slice of heaven as far as I'm concerned.