That is Devil's Trumpet (looks up from Hell!:-) Datura. alias Jimsom Weed, Loco Weed, is extremely hallucinagenic to animals and children and reseeds itself. Yes it is beautiful.
Moonflower Vine is an annual that looks pretty much the same except it grows on a vine. Beautiful also and extremely fragrant. This must be seeded in the spring.
Brugmansia, alias Angel's Trumpet (looks down from Heaven) is more of a shrubby tree and the flower looks the same, comes in a variety of colors, is wonderfully fragrant and is a tender Perennial which must come in for the winter. Mine smells like Baby Powder, emerges yellow and almost immediately turns pink.
Mine got so big that I gave it to a friend who has a huge window in his business and it bloomed all winter and summer.