Malignant is a wildly divisive movie indeed. At best, this is an overly long, but masterful, homage to terrible movies with a visually unique final act. At worst, this is an overly long terrible movie with a visually unique final act.
Bottom line, the movie should have been 90 minutes.
The opening sequence signals Wans intent to make a terrible movie deliberately with outrageous acting, camera angles, close-ups and lighting. Everything signals a campy, knowing, ride ahead. The film then puts on the brakes and changes style, taking itself far too seriously for campy fun. Wan misses the mark but at least keeps us invested in the ludicrous central premise that an imaginary friend could be the killer. If the film is a meta homage, it is a poor one when compared with Cabin in the Woods.
The last act is fascinating visually but ultimately hollow, Wan not having given us characters we care about, the stakes are so low, the reveal is done, we are only fascinated but not emotionally vested.
Worth a watch? Yes. Wait for at home versions and keep the fast forward handy.