I can't help but be all excited like Brett McCraken finding a new Terrence Malick film.  PT Anderson is among my favorite living filmmakers, with Punch Drunk Love being my favorite film of all time.  He is also responsible for the brilliant films "There Will Be Blood" and "Magnolia".  So, when his new stuff gets announced, I get giddy.

The newest PTA film is called "The Master".  An early description of the film from imdb.com says this: 

"A 1950s-set drama centered on the relationship between a charismatic intellectual known as "the Master" whose faith-based organization begins to catch on in America, and a young drifter who becomes his right-hand man."

Trailer link: http://www.youtube.com/watch?v=9oZDKFoCqAw