I can only remember one Wes Craven film which I thought was reasonably good and that was Nightmare on Elm Street. His closure in the Elm Street series was also okay, although mostly because of curiosity value. The other movies I've seen from him have been mediocre to bad. The worst I've seen is probably his "remake" of Carnival of Souls. Good gods what an awful flick.
edit :
Before anyone corrects me, I checked and just saw he didn't actually direct that Carnival of Souls remake. It just says "Wes Craven presents" on the box.
Carnival of Souls (1998) - IMDb