I was able to watch this on DVD from my public library. Mainly because it has some of my favorite male and female actors in it.
I admire Terrence Malick for the same reason I admire Woody Allen, even though they are quite different filmmakers. Each seems intent on making something they want to make without much regard to whether others will consider their movies "good." They also tend to make movies about things and places they enjoy.
Malick has spent time in Austin, Texas, and one of the focuses here is the Austin music scene. The movie is also shot in a number of Texas locations not so much for story purposes but because they look very good on film. Like the top of Enchanted Rock north of Fredericksburg (yes I have climbed it) or the scenic Austin 360 bridge over the Colorado River.
My best interpretation of this movie is we see and hear what could be going on inside the head of the writer/director. It is 2 hours of this and for those who enjoy that then it is a really enjoyable film. Otherwise it is not worthwhile for those who enjoy conventional narratives.