I consider this one of my guilty pleasure movies. It's cheesy, but the good kind of cheesy. I find director Luc Besson's style pretty fun (see: The Professional) and light.
Bruce Willis stars as a retired military veteran who is now a cab driver in the distant future. His world gets turned upside down once Milla Jovovich's character (in prob my favorite role she's done, forget those crappy Resident Evil movies) literally falls into his cab. From there it's a race to stop this 'supreme evil' from annihilating earth by retrieving these elemental stones and using them plus Milla's character who is the 'fifth element'. Gary Oldman hams it up big time as the evil Zorg, which is the supreme evil's minion that's trying to stop Willis and Jovovich from obtaining the stones. Oh, and of course Chris Tucker, in one of his silliest roles ever.
This could have been just a bad high concept sci-fi film, but it's done with style and music that really gets you in the mood that it's hard to hate it for it's predictability and swiss cheesiness. It also contains one of my favorite opera scenes in a movie, that plays out in tune to Milla kicking some serious alien ass. It's worth watching again and again just for that scene.
The action is as crazy and silly as the plot, which is a benefit since that's the tone of the entire movie. I never became bored throughout the film's relative short length, and find that it has high rewatchability (I think I just made that word up).
Anyways, if you're looking for something light, fun, and moves quick and doesn't overstay it's welcome, check this out for a rental.