I quite liked the Village. I'm not going to bother with spoiler tags for this thread (which is pretty well spoiled anway) so if you haven't seen the movie, don't want to be spoiled, and are stupid enough to be reading this thread, better stop now...
OK? The idea of the monsters being fake was disappointing. When the twisted reality is less interesting the the reality that's been presented to you to begin with, you know the movie's on shaky ground to start off with. That said, I think the timing of the twists was badly done. The crazy guy in the suit wasn't really all that scary, because at that point you already know it's just a guy in a suit.
I still liked the movie; I thought that it was well crafted, the actors and directing were phenomenal, and I liked many of the concepts in the film, but I wish the screenplay had been completely rewritten.