Okay, fine, maybe it's not the greatest movie ever made, but that's only because there will never be a single greatest movie ever made. But Peter Bogdanovich's The Last Picture Show is definitely in the running. I could gut myself filling in specifics of what makes it so great but whoever writes the NWFF calendar has done it for me:

Peter Bogdanovich’s breakthrough achievement is a gorgeous black-and-white picture that melds classical Hollywood style with decidedly post-Production Code themes. The director proves especially attuned to actors, from the staggering beauty of Cybill Shepherd to the exquisite emotional subtlety of veterans Cloris Leachman and Ben Johnson, who both earned Academy Awards for their roles. The film focuses on two generations trapped in a desolate Texas town. When not shooting pool or watching movies, folks fill the void by listening to Hank Williams, Lefty Frizzell and Hank Snow, and by engaging in sexual escapades that leave a trail of broken hearts. 

In addition to the actors mentioned above, the film features Jeff Bridges, Ellen Burstyn, Eileen Brennan, and a pre-insanity Randy Quaid. Schedule of screenings and online ticket sales here, trailer below.

(Also, no kidding about the staggering beauty of Cybill Shepherd. She is so pretty you will literally start staggering.)