Raise the Red Lantern is a fantastic watch, as is House of Flying Daggers, I absolutely love that! And Hero, all by Yimou Zhang. All are truly equisite and masterpieces of Asian cinema. Such gorgeous cinematography in all.
I've seen Ashes of Time, 2046, Happy Together, In the Mood for Love and Chungking Express, all by Wong Kar Wai. All absolutely stunning pieces of cinema. Well acted, directed.
Ang Lee created probably the finest and most impressive movie though with Crouching Tiger Hidden Dragon. This movie is flawless. A must-see. Greatest movie ever made in my opinion!
There's some good comedy movies as well such as Shaolin Soccer and Kung Fu Hustle as mentioned above. I love these as well!