For 2007: I think it's a toss-up between There Will be Blood and Hot Fuzz. (What, did everyone forget that one already? Seriously, guys, not all AWESOME movies have to be deep, maniacal, and depressing : P)
For all-time: Gee... uhm... just look at my profile and see how great I am at making up my mind on that one ; )
Das Leben der Anderen (2006)
While there were a couple of great movies during 2007, I didn't love them enough to put them on my list of favorites. Of course, I haven't seen all of them yet.
I'm gonna have to say my favorite was either Disturbia or 300, I haven't yet had the please of seeing either no country for old men or there will be blood.