I don't have a list of favorite movies because it's constantly changing and also depends on my mood. However, I'd be willing to tell you what I thought were highly overrated movies:
Napoleon Dynamite
The Royal Tenenbaums
Lost in Translation
Devil Wears Prada
I'm sure I'll think up a couple more. But those four are somewhat recent movies that just didn't live up to the hype.
THESE movies, though, are definitely worth your valuable time:
The Prestige
Young Guns
X-Men 2 (I loved X3 as well, but recognize that the second movie was better)
Spiderman 2 (I did NOT love Spiderman 3. That movie put sand in my va-jay-jay)
Batman Begins (a bit long, but a great start to the next generation of Bat-films)
Saw
Superman (the original, not the magic-cellophane-throwing sequel, nor the super-computer baddie sequel, nor the abortion-on-reels sequel, nor last summer's Stalkerman Returns)