How can you have outstanding performances but not a good film?
Well . . . The Master may be a very good example.
There were fine performances all around, but I'm not sure it really worked. It was, in fact, a love story involving Phoenix and Hoffman's characters. The cult (Scientology thinly disguised) subplot was for the most part secondary and merely a device. The relationship was the story, and I grew tired of it after awhile.
I went in with very high expectations, and that may have been the problem.