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I've just seen it and I'm also curious about what exactly happened. I've read one or two sites and based on those this is what I think happened, even though it still leaves lots of holes...
*Start spoilers*
At the beginning of the movie when the clock strikes 12, a "tangent universe" opens up where everyone has alternate fates. The 28 days thing that Frank tells Donnie is how long this tangent universe will last. Frank guides Donnie to do things that will lead to another thing and eventually lead to everyones alternate fates. Donnie's alternate fate at the beginning of course was that he didnt die.
When Donnie shoots Frank at the end it opens up the wormhole and the engine flies through. When the clock strikes 12 the tangent universe is over and everyone will resume their normal fates. Donnie's fate, the thing that should have happened in the first place, is that he died. At one point in the movie, Gretchen asks Donnie "Donnie Darko.. what kind of name is that? Sounds like a superhero" in which he responds "what makes you think I'm not?" Well Donnie is in a sense a superhero for having sacrificed his life to save everyone else, because he didnt have to send the engine back in time to kill himself... or something.
Also the movie might have something to do with there being a God and dying alone or something. I've read that if you subtract all the numbers Frank tells Donnie (28 days...) you get 7, which signifies God. Also Frank is 7 feet tall.. oop theres the number 7 again 
*End spoilers*
So I'm not sure if thats right, but thats what I got out of what I read. Maybe the right explanation goes something along the lines of that. I hope someone can give their interpretation of it.. this wasnt even my interpretation but I thought it was worth mentioning. But anyway that leaves many other questions, like about Frank. Is he only part of Donnie's imagination? Then how come towards the end of the movie he's a real person? And much much more.
My favorite scene is at the very end when Frank is sitting down with all his sketches for the rabbit costume and he's rubbing his eye. Dunno but I just really like that. Favorite line is a tie between "how does one go about sucking a fuck?" and the line about being a superhero a couple paragraphs above.
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