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Kiss Kiss Bang Bang, as a whole is a fantastic and fun film, Shane Black's best IMO.  Tho Nice Guys is great as well. 

Usually anything by Wes Anderson is an underappreciated gem.

Memento, a movie I personally consider Nolan's best (and the one that put him in the map) is so complete and fantastic that we use it as example of how plot structure in film class. 

Ed Wood, I'd put it amongst Depp and Burton's best. Great acting, writing and directing, but no one thinks about this film because no one saw it.  Also, Martin Landau is amazing in it.

 

Soundwave said:
Rushmore (Wes Anderson) is my favorite underrated movie. I really like it.

Absolutely fantastic and underrated.