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Donnie Darko was not a dream!
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No, it was even worse than that. It didn't just happen in someone's head,
it never happened at all.
As much as you might hate Mars's conceit, you have to admit it had real-world connotations - when Sergeant Coma woke up, he was changed by the experience. The events of Donnie Darko had no impact on anything or anyone.
I don't care if they live or die - if not a single character in the fiction takes anything away from the events of the story, for any period of time, I
will wonder what I'm supposed to be taking away from it.
It just feels... pointless. Pointless for the characters to experience, pointless for the artists to make, and pointless for me to consume.
EDIT: This extends to more mundane stuff, too. A while back me and Joe talked about some anime faggotry that revolved around a high-school boy chasing his cold, untouchable girl. They dated, they shagged, and then she dumped him without a moment's hesitation. Her attitude had changed in no discernible way, and he didn't have any more of a clue about women than when they started, either. All in all, they both learned absolutely nothing from their time together.
If the message it was trying to give was "hey, sometimes you invest in something and it turns out to be an utter waste of time", it portrayed that very well. Probably better than the creators intended.