The Merchant of Venice
The Merchant of Venice is just sensationally good. Al Pacino as Shylock is outstanding, and the rest of the cast no less so. The lighting and photography were beautiful, and every scene looked like a Rembrandt painting.
Probably a lot of people will miss this film because it's a Shakespeare, and they think the language would be hard to understand. But really there's no need to worry on that score - the text has been quite heavily edited, and the diction of the actors is superb. I've never actually read Merchant of Venice, but I had no trouble at all in following the plot and understanding the meaning.
A brilliant film - catch it if you can.