Although director Paul Thomas Anderson doesn't have a large body of work, what there is of it is of high quality. In the last sixteen years he has released only six features, including Boogie Nights, Magnolia and Punch-Drunk Love.

His last film, 2007's There Will Be Blood was nominated for eight Oscars, and picked up two (Best Actor for Daniel Day-Lewis and Best Cinematography). So his latest release comes with a fair amount of expectation, including a frightening amount of Oscar buzz for both Joaquin Phoenix and Philip Seymour Hoffman.

Also aiding the word of mouth surrounding the film's release is its supposedly controversial subject matter, that of a cult, that to many, is eerily similar to that of Scientology. The fact is though, this is only really going to bother you if your name is Tom Cruise or John Travolta, both of whom probably have bigger things on their plates to worry about.

The irony is however, much like Scientology itself, there's nothing of any real substance here.

With World War II over, veteran Freddie Quell (Phoenix) struggles to re-adjust to being back on Civvy Street. He finds solace in his own alcoholic concoctions that help dull senses within a society he doesn't see himself a part of.

After one episode of being accused of poisoning someone with his home made brew, he finds shelter in familiar surroundings – on a boat. When he's discovered aboard, he's taken to see Lancaster Dodd (Hoffman), who seems to be in charge somehow.

Although the boat is essentially a wedding party, with Dodd's daughter getting married, it's also a gathering for followers of Dodd, who is the author of a book titled The Cause. Dodd sits down with Freddie, and decides to inflict some "informal processing" upon him. This is a series of questions, often repeated, that are suppose to trigger reactions and emotions in its subjects.

Freddie's replies intrigue Dodd, who decides to take him on as his protégé and educate him into the ways of his movement. What starts off as a student/master scenario, soon develops into a far more ambiguous relationship.

With both actors desperate to impress the Oscar Academy, they were quite prepared to stay 'frozen' for several days.

There's only one way to say this: The Master is a disappointment. In a fairly uninspiring year of releases, Anderson's film looked like it could just swoop in and save the day. And of course it doesn't.

Yes, the two leads put in some impressive performances; Hoffman is his usual compelling self, and Phoenix is mesmerising in patches, only let down – literally – by one side of his mouth that often looks like it's doing its own method thing by not moving, making much of his dialogue difficult to follow.

And regardless of all the hype, this is not a film about Scientology; it's not really a film about a cult. It's a film about two men and the relationship that develops between them. And by extension of that, it's a film about who can act the best between Hoffman and Phoenix. And because of this, the film as a whole suffers.

As the two main performances are quite intense, it's easy to lose sight of the fact that the film's story is wafer thin. It has no momentum whatsoever, simply treading water for the film's entire 143 minutes. It is nothing short of a plodding plotless wonder, purely focused and driven by the interaction of its two central protagonists.

And you have to fill sorry for Amy Adams; her role as Dodd's wife is nothing more than peripheral, being forced into the background while Hoffman and Phoenix battle it out up front for all the attention.

Anderson appears to have got swallowed up by the connection of these two characters and simply forgotten about a cohesive narrative to push them forward.

There are already excuses rushing to the film's defence in stating that it's the type of film that needs two or more viewings to really get to grips with. If a film needs more than one viewing to get to grips with, then it's just doing something wrong.

It's a shame that the film didn't have more to say about the development of a cult, particularly during the film's period setting of the fifties; Anderson at least makes the film look good, even if it doesn't really have much to say.

The Master is a tour-de-force in acting, but lacks any substance on the story-telling front.

No doubt many will hail it as a true classic, but don't get suckered in by their cult-like rhetoric; although the film impresses technically, it's deeply flawed as a piece of convincing storytelling. It just goes to prove that great performances do not necessarily a great film make.