Here's Ebert's comment on Blair Witch:
Important not for its entertainment value, which was considerable, but for what it represented in technical terms. Released last summer, it was the first indie blockbuster, a film made for about $24,000 and shot entirely on inexpensive hand-held cameras (one film, one video), which grossed more than $150 million. The message was inescapable: In the next century, technology will place the capacity for feature filmmaking into the hands of anyone who is sufficiently motivated, and audiences will not demand traditional "production values" before parting with their money.
I think he has a point here; although, I'm not certain that I'd include the film in my list. I don't know what films would be on my list. Ebert's list is remarkably US-centric. The only exception is "Potemkin", which I think belongs on the list. Where is the French New Wave or Ingmar Bergman? I think film noir belongs on there somewhere.
My advice is to look for movies considered "influential", and see them for yourself. Be sure to put them in historical and artistic context.
But here's one I think I'd have to put in my list: "Shoot the Piano Player".
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