Favorite overlooked movie.... Well, I'll have to list more than one.
First, I'd like to second, third, fourth or whatever number we're on "Shawshank Redemption." I watched it with my now-former girlfriend *sniff* and it was great!
Others:
"What About Bob?" Heh, I don't know how overlooked it was, but that is one seriously funny movie. Bill Murray and Richard Dreyfuss are in it.
"Death Becomes Her" I LOVE this movie. Wonderful dark comedy, IMO, and not just because Isabella Rosellini is so f*ing drop-dead SEXY in it. (pauses to fan herself) You'd have to see it to believe it. And even then, you probably won't.
"Bound" Again, I don't know how overlooked it was, but it was produced/written/directed by the same guys who did "The Matrix." Great storyline, lots of action of various kinds. *g* It's basically a very cool film noire centered on two gorgeous lesbians played by Gina Gershon and Jennifer Tilly. Oh, and the guys who wrote/produced/directed the thing had the presence of mind to consult actual lesbians on certain aspects of it.
*Rochelle.
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"I can teach you how to bottle fame, brew glory, even stopper death -- if you aren't as big a bunch of dunderheads as I usually have to teach."
-- Professor Severus Snape, Harry Potter and the Sorceror's Stone.