I'll defend Village from any serious detractors. It's more a dystopia than a horror movie, more about atmosphere than story (though I think it has an interesting story as well), and I think the slow emotional bits have some payoff if you're patient.
I even think Lady in the Water is decent, it's a movie you have to completely suspend your disbelief for, but I think that's sorta the point. Lady in the Water is like an out-there experimental what-if movie where fairy-tale meets reality, and it doesn't hold back at all on that premise. I think the craziness of the movie is also reeled in somewhat by the film's great acting. Almost every review of it I've read focuses almost entirely on Shyamalan's decision to cast himself as the world saving messiah writer, but that seems beside the point. MNS might be an egotistical hothead, but I don't have to like him as a person to enjoy his movies, otherwise Quentin Tarantino would never have gotten where he is. Keep in mind, when I first saw this movie I didn't even know what MNS looked like so to me he was just another character.
The Happening is the first MNS movie that I'd say is just strait up terrible, to the point of being pretty much comical. Like when the protagonist starts talking to a tree, a fake tree, or running from wind in the grass like it's a monster chasing him, and [a href="I2r_qjEHf7c"]this[/a]. It doesn't even feel like a MNS movie really, I have no idea what happened.
The Last Airbender, I don't even remember if I liked it or not, it obviously didn't leave a strong impression. I never watched the original TV show.
I'm probably the last person on the planet who still thinks M. Night Shyamalan has some genuine talent and potential as a director. He has a sorta niche style that not all will appreciate and he's proven that he can't expand outside it too well. But I think when making films that play to his strengths, and perhaps given some actual critical feedback, he can make movies that are very compelling and different than what you'd find almost anywhere else in Hollywood. More to the point I hate how he's pretty much just been dismissed as a hack.