Fafner, utter meh. There's no reason whatsoever to watch this instead of (re)watching something good instead, say Rah Xephon for example.
Vampire Princess Miyu TV (NOT the OVA). Superb soundtrack. The rest sucks donkey ass. Download the OST, ignore the anime.
Otogizoushi, the only thing that one had going for it was the Heian-era setting, and then halfway through the series they switch to our time...
Elfen Lied. Some boobs, some blood, and in between, a whole lotta valium.
Honourable mentions, though not complete redlight, to Gungrave (the only way in which it could avoid being a total Berserk-ripoff is if Berserk itself is a total ripoff of something else) and Gasaraki (very good politics and noh-demonology, but over half the series is awfully executed and excruciatingly boring military mecha stuff).