For those for whom the New Wave is a bit too much, here are some more recent suggestions for French films. Almost all have been student tested, student approved. I've put them into categories, but these are only approximate.
The "Cinéma du Look" (very stylized):
Jean-Jacques Beineix, Diva (1980)
Luc Besson, Subway (1985), Nikita (1990)
Léos Carax, Lovers on the Bridge (1991)
Jean-Pierre Jeunet, Délicatessen (1991)
"Heritage Cinema" (period pieces and literary adaptations):
Daniel Vigne, The Return of Martin Guerre (1983)
Jean-Paul Rappeneau, Cyrano de Bergerac (1990)
Patrice Leconte, Ridicule (1996)
Comedy:
Coline Serreau, 3 Men and a Cradle (1985)
Jean-Marie Poiré, The Visitors (1993)
Francis Veber, The Dinner Game (1998), The Closet (2000)
Colonization/De-colonization:
Claire Denis, Chocolat (1990)
Régis Wargnier, Indochine (1992) (Deneuve scored a Best Actress nomination with this film)
Sexual Identity/Coming of Age:
Alain Berliner, Ma vie en rose (1997)
André Téchiné, Wild Reeds (1994)
Musicals:
Jacques Martineau, Jeanne and the Perfect Guy (2000) (A musical about AIDS)
François Ozon, 8 Women (2002) (A whodunit—Deneuve sings!)
Crime:
Patrice Leconte, Monsieur Hire (1989) (Adapted from Simenon)
Jacques Audiard, Sur mes lèvres/Read My Lips (2001)
Mathieu Kassovitz, The Crimson Rivers (2001)
Romance/Romantic Comedies (all with Audrey Tautou):
Tonie Marshall, Venus Beauty Institute (1999)
Jean-Pierre Jeunet, Amélie (2001)
Cedric Klapisch, L'Auberge Espagnole (2003)
World Wars:
Louis Malle, Au revoir les enfants (1987) (based on Louis Malle's childhood)
Jean-Paul Rappeneau, Bon Voyage (2003) (Isabelle Adjani does comedy!)
Jean-Pierre Jeunet, A Very Long Engagement (2005)
Hard to classify but highly recommended:
Patrice Leconte, The Man on the Train (2002)
Agnès Jaoui, The Taste of Others (1999), Look at Me (2005) (a bit pretentious but both very interesting explorations of power and social dynamics among the intellectual crowd)
Erick Zonca, The Dreamlife of Angels (1998)