Psycho II
This did not need to be this great as it is, holy moly!
This is such a tragic film, and you just feel awful for everyone involved. It's more drama than horror/slasher. There's not a lot of gore, but when it happens it's so effective.
The movie is also pretty aware of itself, it knows you know Psycho and it's ready to play with your expectations. Psycho II does take a while to reveal the obvious twist with Mary. After that though I was still wondering "what's really going on?".
Anthony Perkins once again carries this movie, and he is so vulnerable in this. Meg Tilly also did amazing in this.