It's an excellent site. They even have director's favorites. For example, here's Martin Scorsese's.

"These are five movies that I continue to live by" - Scorsese

8½ - Federico Fellini
Citizen Kane - Orson Welles
The Leopard - Luchino Visconti
The Red Shoes - Michael Powell & Emeric Pressburger
The Searchers - John Ford