Great if viewed as... ** SPOILERS **

Rating: Null/10 (30 July 2004)

I thought this film was fantastic if viewed as an analogy for the current American political/homeland security/terrorist scare situation.
It seemed to me that Shyamalan was using this story as an analogy for the actions of the government post 9-11. The village elders (the government) was using fear of Those We Do Not Speak Of (terrorism) to keep the villagers (citizenry) from disobeying their orders. Their intentions were well meaning -- these were not power hungry elders -- but the story serves to demonstrate how those in power can use boogeymen, even when they have some basis in fact (as Walker said, there really were tales of creatures in those woods) to get citizens to act (or refrain from acting) as they otherwise would.
Even if you don't buy the political allegory, I liked the film for the trademark Shyamalan use of mood, color, and silence.