Some movies are for one use only and some are recycleable. I just recorded The Usual Suspects on my TiVo. It is highly recycleable.
The most recycleable movie that I know of is Pulp Fiction. I do not typically watch movies that far from church standards, but I did not know what I was getting into at the time and got hooked. Just one hit! I was hooked! It has so many great lines that you have to hear them again. And the jumbled chronology only makes sense the second time through.
I watched Gattaca twice and loved it twice. I am not sure it could hold up for a third time.
I have seen Unforgiven twice and could gladly watch it again. Almost all of Eastwood's movies are recycleable (unless they have apes or are Play Misty For Me).
Oddly enough, I am not someone that The Godfather works for a second time. I've tried. For me the pacing was too slow the first time through.
I recorded Mr. Holland's Opus for my son, since he was in the band (won the John Philip Sousa award). I zipped right through it a second time. A lot happens in that movie, and not much is cause/effect, so I could not remember much of it the first time through.
I have watched Forrest Gump a bunch of times. I can watch it every 3 years or so. In Savannah last year I saw the famous park bench.
Having small children revealed the dark side of recycling. After 50 showings of Disney's The Jungle Book, I heard it in my sleep.
Now and then a movie seems recycleable, but is not. I loved Contact. I enthusiastically started two recycles, but did not finish either.
My wife and I saw Dead Again, which was Kenneth Branagh's U. S. debut. It was an excellent movie. If you have not seen it, please see it. You will love it. Once.