My own number one underrated movie of all time is Spielberg's much maligned
AI:Artificial Intelligence. Almost everyone seems massively triggered by the horrible saccharine ending. In my view it's one of the bitterest and greatest endings in the whole of cinema - particularly as it relates to religion as an almost visceral desire to buy into an unbelievable fairy-tale. It's hard for me to overstate how great I think that ending is, so I suppose in the end I ironically overrate it.
I'd like to second the already mentioned
Cinema Paradiso (my all time favourite),
Dark City and
Shutter island as other flicks that deserve more recognition. Also, since I'm a big film nerd I'd like to to nominate the following films as at least lacking the exposure they merit, if not critical acclaim and what have you:
Harakiri: Painfully dark 60's Japanese Samurai tale regarding the meaning of honour. Often gets overlooked in favour of Kurosawa flicks (
Ikiru is amazing).
Come and See: Harrowing Russian WW2 film and one of the greatest war films ever made.
Songs from the Second Floor: Perverse and completely overlooked Swedish satire (Shout out to
Festen and
The Bothersome Man). At times it feels laboured but really is a fantastic and surreal social commentary.
This beautiful clip gives an idea of its tone and style.
Manon des Sources: (and
Jean de Florette): Featuring the most beautiful woman of all time (sic) this is an epic two part tragedy played out in a french farming village. Amazing story and performances.
Goodbye, Mr. Chips: The only feelgood movie on my list. Brilliant performance by Robert Donat who won the best actor oscar despite it coming out in the same year as Gone with the Wind, Wizard of Oz, Of Mice and Men, Mr Smith Goes to Washington (and Stagecoach). Just a heartwarming tale about a headteacher and his life really. You finish watching it with a similar feeling to movies like It's a Wonderful Life. The 1969 musical remake with Peter O'Toole's also very good. The modern one with Martin Clunes not so much.
Edit: For a pretty off the wall and completely obscure horror 'story' check out the almost entirely bizarre (and beautifully filmed) Polish movie
The Hourglass Sanitorium. It's a bit too far up its own ass but it's completely unique. Don't watch it if you don't like looking at random tits.