I just recently watched the most recent M. Night Shyamalan movie, Lady in the Water. I intended to do a full walrus review, but I couldn't really wrap my head around it enough to write something comprehensible. That was probably due to the fact that I was sick at the time I watched it, but being well probably would have only made it worse.
I went into Sixth Sense knowing the twist and came out still enjoying that movie. Unbreakable, not quite as good, but I still enjoyed it. And from there, it just declines rapidly. Signs isn't as good as Unbreakable. The Village isn't as good as Signs. And now Lady in the Water isn't as good as The Village.
I'd like to suggest Shyamalan do one of two things.
A) Just stop. The luster is gone. Perhaps he can get into doing something for TV or the direct-to-video market. But feature films aren't working for him.
B) Find a franchise and take ownership of that and make these pet projects on the side. Do what Christopher Nolan is doing. Make something like The Prestige in-between Batman movies. Or follow the Guillermo del Toro model. Make a Pan's Labyrinth in-between Hellboy movies. Meanwhile, make really good franchise movies, too. Marvel has plans to make movies for every character they've got. Pick one of those. Maybe Spider-Man will even be available if Raimi steps down. That would mean that he'd have to have a movie set somewhere besides Philly, though.
Of course, whatever he does, it looks like we're stuck with him casting himself in his own films in larger and larger roles. Which is really too bad because his acting skills aren't getting much better.
I guess we'll see how The Happening fares this summer. I've got to think it will flop like Lady in the Water did. If it does, I wonder if any studio will want to take a risk on him again.