Glad I avoided that one. Opinion on when his previous films became unwatchable seams to be divided (personally I liked The Village more than Signs) but I don't think I've ever heard of anyone actually enjoying 'Lady in the Water'. After that, I thought it wise to pass on 'The Happening'. A pity, since it bodes ill for the Avatar movie. In other hands that might have been a good film.
I liked Lady in the Water, maybe I was in a charitable mood because it was just on HBO and I didn't have to seek it out or whatever but I thought it was a neat urban fantasy that I hadn't really seen before in live action. It didn't hurt that I was rather captivated by Bryce Dallas Howard. Not too say that I couldn't see where it was self-indulgent and a bit of an F-U to the critics but I did like it.
I have found all of his films interesting (haven't seen The Village) and not a waste of time seeing. I liked The Sixth Sense and Unbreakable outright. I think Signs was a good movie, had he worked a little longer on the logic holes it would have been much better regarded.
I think as he's gone on that he's become more insular and the films seem to have suffered as a result but they have provided some interesting results. I've heard nothing but bad things about The Happening and I don't disbelieve them but I'm probably going to end up checking this out against better judgment.