Just watched Black(film) the other day. It was a really well-done film (though slightly draggy at parts). No singing and dancing like what you’d expect from a Bollywood film though, something much more serious than that. Acting’s superb.
Another more fun-filled film is Devdas(2002_film). This one is one of those films filled with song and dance. Except that it’s extremely colourful and well-shot too.
Both films received critical acclaim, so I think that they’re a pretty safe bet.
And I haven’t watched any other films, but hope these help. =)
Note: for the Devdas link, just add the (2002_film) to the url. For some reason fluther hasn’t added that part.