The Matrix. One of the big things for me in movies is pacing. And The Matrix does it so perfectly. You have highs. You have lows. You have quiet moments, you have intense moments. You're never bored or overwhelmed while watching this movie, and yet it so smoothly transitions you from scene to scene, and you're always in just the right spot for the next one.
And visual and thematic motifs that should seem heavy-handed but somehow just glide past behind all the action (Distorted mirrors! Distorted mirrors everywhere!) Arguably bullet-time was another form of visual distortion. Remember how in the 5 years after the Matrix, bullet-time seemed like it was used fucking everywhere? Movies, video games, TV commercials? This was back when convincing special effects were still thin on the ground, so bullet-time had quite the impact the first time everyone saw it.
Also, in my opinion the social metaphor of The Matrix has become more relevant over time. For 90's sci-fi, it has aged like wine.
Bullet time was used ad nauseum at the olympics this year, and I couldn't understand why, because it added no additional value other than looking cool.
