I saw an underrated list, but what about the overrated.  This is the perfect place for those strange creatures who hate Bergman and Fellini to voice your displeasure.  So I will light a few firecrackers with my own short list.  Keep in mind some of these films may be alright, but not as good as they're cracked up to be.
1. L'atlante (Vigo)
2. Rules of the Game (Renoir)
3. Wages of Fear (Clouzot)
4. The Last Laugh (Murnau)
5. Metropolis (Lang)

on the American side, I will just say one word, Vertigo.