This review may contain spoilers. I can handle the truth.
Daniel Sarath’s review published on Letterboxd:
This review may contain spoilers.
I definitely subscribe to the theory that the opening two hours of Mulholland Drive is the dying dream of failed actress Diane Selwyn. She reimagines her life as some classic Hollywood melodrama in an attempt to escape both her botched career and her unhinged personal life with ex-girlfriend Camilla. She recasts herself as the charming Betty, a starlet on the brink of success and drawn into the mystery of an amnesiac girl residing at her aunt's home.
David Lynch purposely directs with a lack of authenticity that hints at the narrative being a dream - the visuals are slightly too bright and graceful, his lead actresses is slightly too flamboyant. At least, that is the case until the film reveals it has all been a fairytale in the stunning Club Silencio scene. Here, Lynch highlights that the narrative is fantasy by calling attention to the movie's own falsehood. Music plays without a band, a singer is merely lip-syncing. We suddenly descend into Diane's nightmarish reality and see what led her down this path. It is a world far removed from her dreams; much darker and much more real - well, at least within the confines of a David Lynch movie, anyway.
However, what is great about Mulholland Drive how my own theory that Lynch's film explores fame, desire and the Hollywood industry, as well as the conflict between dreams and realities in each, really doesn't matter. Everyone who watches this film can have their own interpretation just as valid as mine or anyone else's. Each viewer will come out of this with their own thoughts on what kind of story Mulholland Drive is telling, their own answers to the movie's riddles and symbols. To create such an enthralling enigma is proof of Lynch's artistry.
tl;dr - stone cold masterpiece.