K-Pax
The movie where Kevin Spacey is an "alien" visiting earth.. Or is he? I highly recomend this movie to anybody who does not need their movies to be stuffed with action or special effects to be entertaining. The underlying theme of K-Pax is belief. Do you believe mr. Spacey is an alien or not? It has clearly conections to the atheist-believer discussion, without the plot actually being about that.
In this day and age where movies cost the same as the GNP of a small nation, this little gem was released almost unnoticed.
Momentum
Here is another great gem. It is a movie about a person who has a disorder that makes him lose his memories every 15 minutes. And this is especially troubleing when he at the same time is trying to solve the murder of his wife. He has to tatoo clues in his investigation to his body so he sees them when he "recovers". Half of the movie is shot in "backwrds" time, as in that it starts with the end. The other half is real time. You have to see it to understand it fully. It is a great movie, with a surprising end!
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I have to admit that often my taste in movies goes outside the main stream. But I still think the best movies I have seen are american.
However, these are some of the movies I think is greatly overrated (Please, no lynch-mob. This is just my opinion, and arguments will not make me change my taste

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Matrix, Lord of the rings (1 & 2), Saving Private Ryan, Titanic, The Rock, Mission Impossible (1 & 2), Star Wars (although I like the "Star Wars universe", but I think the plot is too clichè).. These are those I remember now.
Cilpot
