I enjoyed it. I definitely had super high expectations.
As everyone's said, the acting is top notch across the board.
I felt the same things that held back P.T. Anderson's other films (Boogie Nights, Magnolia) were present in TWBB also. That thing being EXCESS. Obviously there's some truly sparse, minimal stretches in the film...but even those were excessive in their own way. It just seemed like he was trying too hard... The characters came off as cartoon characters to me. The plot was fine, but it all felt so plastic. The whole time I just felt like I was observing these guys acting. "Man, the movie sure was well made." "Man, that joke sure was funny..."
Punch Drunk Love still seems to be his best effort yet.
I did enjoy it. No Country, though not going for the same thing, seemed to be a more successful movie I think.