I just rewatched Magnolia after the awesomeness of There Will Be Blood to see if maybe my tastes had evolved since whenever I first saw it.
Tom Cruise is awesome in it, but that's about all I like in the whole movie. It just strikes me as both sincere and fake at the same time in a very California way. It was neither deep nor funny, and it struck me as sentimental in a Hallmark kind of way.
Speaking of mumbo-jumbo California horseshit, and back to the topic, I really liked LA Story though a lot of my friends think it's terrible.