Guys, if you want to watch good indian movies, then please stay away from stuff like bollywood/hollywood and the guru. and you think koyla, asoka are good movies? puhleezzzee!
if you're looking for good indian cinema, go for stuff tagged with names like 'Shyam Benegal', 'Kaizad Gustad' and of course, the genius of Satyajit Ray and Bimal Roy.
The director of hollywood/bollywood, deepa mehta has turned out some very good movies, especially 'fire' and 'earth'. these featured some excellent acting by top-of-the-line plots and very good direction.
but with hollywood/bollywood, the result is a very tacky comedy, to say the least, at least to an indian who has grown up on everything indian cinema has to offer: from understated pieces of genius to the not-so-good cinematic experiences.
if you want to try out indian movies and are looking for the good stuff, try any one of Satyajit Ray's movies (you can get them at amazon.com) or Raj Kaproor's (homeless, the time to stay awake, the sun, me joker) or Bimal Roy's (2 square feet of land, the mother of no. 1047).
if you're looking for new age indian cinema, go for E. Nivas (the spearhead), Kaizad Gustad (bombay boys, everybody says i'm fine) Shyam Benegal (english august) or Ismail Merchant (A house for Mr. Biswas, The mystic masseur, heat and dust).
take it from an indian. :)