Of course, there’s no one way to watch Mulholland Dr., and by that I don’t mean everyone’s different interpretations are right (although that’s also true), but that within a single person’s single watching there’s more than one way to watch it — more than one way of interpreting, seeing, talking about. You have to keep multiple theories in mind simultaneously to make sense of it all. (But is that so unusual? Are any good movies about just one thing?)
Anyway, after saying all that, I want to say that S and I came up with a real good one last night. Mulholland Dr. plays like a hard-boiled detective story, only without the detective. So who is watching this mystery unfold? You are. You’re the detective. And as every good detective story isn’t really about the people caught up in the plot, but rather the detective himself, Mulholland Dr. is really about … you. You are the one watching and trying to figure out, and in that figuring the audience — in this case, you again — learns something about you. Mulholland Dr. is about you, responding and reacting to the mystery; you, and your character development.
So, the question is: what does Mulholland Dr. do to you? Where are you when it starts, and where are you when it’s over? Who are you?