Interesting question...
If it's a current flick, I ask my friends about it. I have found that if a film gets the thumbs-up from three people I know (and whose opinions I respect), then chances are I'll probably like it too, and it's usually worth checking out. If I ask everyone and don't get three good responses, I usually don't rent the film.
There are research books and online resources (imdb isn't bad) to look up stuff on older films. Classics that made big ripples in their day are usually recognized as such, and there are so many "bad movie" websites that there are lots of detailed, loving critiques on bad films.
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