I don't think he is ever watering down anything. He uses interesting concepts ONLY to have even more interesting storylines.
He does not make movies to express something, or discuss or interpret it, only to tell it. He is a storyteller.
He couldn't get too deep into Freudian Psychology and Dream Theory, because that would have made the storyline a lot less engaging. It's a construct made to make the story more suspenseful. I don't think he ever thinks about making smart movies, only about making everything so unusual that you never know what's going to happen next.
I have NEVER in my whole life seen an audience so on it's edge as in Inception. When it cut to the credits, literally the whole cinema gasped.
Smart movies can be as smart as they want, I still prefer the work of a storyteller than that of an "artist". And what Nolan creates simply has more impact than any on those would have on their own. I don't think the has to water down anything, I think the sum he creates is greater than the parts he uses.
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