I think for best cinematography I would have to pick "The American Astronaut" I love the film's quirky sense of humor but what is particularly interesting is the extremely careful and intelligent use of lighting and contrast in the images.
While not as beautifully shot, "Brand Upon The Brain" has some of the most creative black and white cinematography (it has a few shots in color so maybe you would argue the point) Anyway, it is shot in super-8 on stylized sets with over the top acting. "The Saddest Music in the World" (also by Guy Maddin) is similarly shot.
It's more than 25 years old so I guess it doesn't count, but some of the black and white in "Wings of Desire" would get my vote.
I think what black and white does is it reduces the visual complexity of an image, allowing the director to focus attention more carefully. It allows the storytelling to be a bit more artificial and abstract rather than being a color for color direct representation of the original scene. I personally prefer black and white over color, maybe because it is less stuff screaming for my attention.
My avatar is a self portrait that I shot with a digital camera. The original is in color but is a far weaker, less striking image. By reducing the image to black and white as well as increasing the contrast, I eliminated any extraneous details and focused all the attention to the single lit eye.
I think black and white will come and go with various fashions but I don't think it will ever disappear entirely since it is such an effective way of creating an image.
_________________
Never let the weeds get higher than the garden,
Always keep a sapphire in your mind.
(Tom Waits "Get Behind the Mule")