You forgot the single most important ingredient.
Cumin
I normally don't do this, but. WRONG!
Beer. What beer you use is important as well. Dark... something Porterish...
Start with some ground meat (brown it up a bit).
Throw in some onions, peppers (red and green bell), 1/3 cup Frank's red hot, garlic (a few cloves, minced or pressed in a garlic press). Toss in a beer or 2. A few cans diced tomatoes. Sugar (white or brown) to balance out the acidity of the tomatoes.
Add yer spices: CHILI POWDER, cumin (some already in the chili powder, but a bit more won't hurt- don't kill it with cumin though, lots of flavors gotta come outta a great chili), oregano (yup, that too), onion powder (just because it's awesome), garlic powder (yeah... do it), red pepper flakes to taste (or toss a habanero in it...). Salt if it needs it (depending on taste, Frank's has a bunch of salt in it already, but I usually like a bit more). Screw it... you might as well grind some fresh black pepper into it as well. Black pepper rules.
Let it simmer for a while to reduce the amount of liquid. An hour or so before it's ready, add in a few cans of beens- red kidney, light red, pinto, etc.. and a few tablespoons of red wine vinegar for some zing - make sure you balance it with sugar, if you make it too sour.
Serve it up with some grated cheese and either crackers or chips.
For the grated cheese, try some Cabot's habanero cheddar.... :D although you might want some pre-shredded mexican cheese blend or sharp cheddar as well.
Anyways... Now I gotta make chili this weekend. Thanks for the idea.