It's Paul Thomas Anderson's weakest film by far. It does have a wonderful soundtrack and great acting by Joaquin Phoenix, but Jeff Bridges he is not. There are many laugh-out-loud moments, but they are clouded over by a script that is trying to include too many top actors attempting to be funny. Overall the film is meandering and slapdash, lacks originality, plot, intrigue or a reason to exist; except for, far far too long into the film.
It feels like a lot of disconnected scenes stitched together incoherently and hides under that catch-all banner of psychedelia (but there's nothing vaguely hippy or psychedelic about any of the scenes, it's just Hollywood with lots of pot smoking). It pays homage to LA confidential, The Big Lebowski, and The Master. You may have fun spotting the takes, because 10 minutes in you'll already have lost the point of following all the misleading and faux philosophical bull. I think you get the point!