I used to watch more but my Bollywood viewing has dwindled almost to nothing lately.

I'm strictly a recommendee, and not a recommender. That being said, from my netflix queue...Om Shanti Om, Chak De! India, a whole buncha Satyajit Ray (I know he's not Bollywood, but), a couple of Bimal Roy movies, Jagte Raho and Utsab.
Feel free to make the most general of suggestions.
Movies from India I've enjoyed in the past...Ankur, Karan Arjun, Lagaan, Mugal-e-Azam, Sahib Bibi aur Ghulam, Shree 420, Umrao Jaan, Amar Akbar Anthony, Deewar, Dhoom 2 (

), Don, Kagaaz ke Phool, Kabhi Khushi Kabhi Gham, Kal Ho Na No, Kuch Kuch Hota Hai, Mother India and Sharaabi. God knows as an outsider I've tried to appreciate Sholay, but I have to be honest, it's a struggle.
Hopefully others will have more to add.