Aside from your favorite Movie/s...lets add an alternate category, also include your favorite Movie/s about Magic. Haven't been a lot of them, and I saw The Prestige mentioned, and I watched "Now you see me" last night.
The Prestige - Loved this movie and I think it was set in the perfect period to go into a little bit of the behind the scenes of magic's history.
The Illusionist - More of a love story, but not terrible.
The Illusionist - (Animated) I loved the animation, and again more of a personal story than a magic story, but enjoyed if very much.
Now you see Me - Better than I thought it would be, the entire movie is about misdirection...and they pretty much remind you the whole time, see how soon you catch the twist.
The Great Houdini - This was a "Made for TV" movie from 1976, I was really into magic and this was about Houdini, who I was and still am fascinated with. Paul Michael Glaser (yes, from Starsky and Hutch)played Houdini and it went into a lot of his obsession with mediums and debunking their claims and builds on a theory about how he died leading to that climactic ending. Probably very dated at this point but very good for a made for TV, IMO.