Even if both were to have the same title - it wouldn't make much of a difference. If Shyamalan wants to release his movie earlier - even if it does occur in 2008, it'll be out much before Cameron's movie. Just like there were two "White Noise" movies, there might be two "Avatar" movies.
Hope Shyamalan does better with his movie this time around - sad that a bloody talented director like him isn't doing better.