The Master is worth watching for the production designers Jack Fisk and David Crank's flawless creation of the 50's and Hoffman and Phoenix's acting roles. Phoenix is menacing and unpredictable, Hoffman exquisite and masterly. Quite extraordinary. I may have to watch it with subtitles next time to compensate for the entirely appropriate mumbling.
The script is another story. Literally and figuratively. But not how you might think.