I'm probably in the minority now, but it's Life for me. Not that it doesn't have light moments, but the intensity in this film that some call overrated is so underrated. It is so strong. It is a wonderful movie.
A Christmas Story is fine - it has its fun, but it's mostly a trifle for me now. I saw it in the theater when it came out and liked it (it wasn't nearly as popular then as now), but now I think the hype has gone a little far.