Cabaret (1972) starring Liza Minnelli, Michael York, and Joel Grey.

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They had Cabaret at my local video rental store when I was in high school. I remember renting it, watching it, and liking it. 
A few weeks or so ago, I went to go see the Roundabout Theatre production (with Alan Cumming and Emma Stone) and thought it was great - one of the best shows I've seen since moving to New York.
"I should watch the movie again," I thought. Smart idea. I netflix-ed it and ended up being INCREDIBLY disappointed. 
They made a ton of changes to the show when translating it into film, and - frankly - I think the movie sucks as a result. It's less ominous... less affecting... less humorous... less everything. 
It's still good, but disappointing if you have the musical to compare it to. If I read that they were going to shoot a remake of the movie that doesn't veer so far away from the plot of the show... well, I'd be very, very excited about it.

As long as Alan Cumming would get to play the emcee. 
See all the previous movie posts here.