Pi, Last and First Men, Schindler's List are all great modern B&W movies - and I say that even as a non film "buff"Black and white is going to be controversial. It is bold in this day and age. Audio and video are equally as important as storytelling, and from just a few post here you can see some will never watch it solely based on it being filmed in black and white. I couldn't imagine directing a movie and immediately losing out on people.
I am not in the camp that rule a movie out for that reason, but I know many people who feel like others here.