He's gotten better as a director, not worse. And what I disagree even more with, is that he has become LESS indulgent, and more focused on the story. I'll ignore IV as I've only seen it once.
Less showy camera movements, better writing and richer subtext in the Master and TWBB compared to Boogie Nights and Sydney(Magnolia being an exception as having rich subtext while having the visual style of earlier PTA). Boogie Nights feels like a "look at me, I'm a filmmaker" kind of movie, whereas in the Master and TWBB he is committed to educating us about the suffering the characters go through. BN also does that, but without the complicated tracking shots to distract us.
As for the entertainment value, I think it's important to differentiate between surface level entertainment and the entertainment that is only attainable if you are forced to think. The former has gone down for sure, but the latter has increased. I'm more likely to show Boogie Nights to a group of friends, but I'm also more likely to watch TWBB or the Master on my own.
Mild spoilers for the Master ahead: I think you need to rewatch the Master, and try to crack this film, see Freddie as a character who doesn't open up to people about his problems, and what the Cause is able to do for him in that processing scene.
To be clear, I love Boogie Nights also, even if my comment might give the impression that I don't. However, his latter films are better than his earlier.

Love all his early work but I agree Master was a disappointment and Inherent Vice unwatchable.

The guys only made a few movies what are you talking about. And the Master was amazing all around. Truly disagree.

I disagree personally I think his three latest are perhaps his best (can't decide if Inherent Vice or magnolia is my number three), i think the stuff he is making now is much more interesting, as great as his earlier stuff is, it was a bit too "someone else", but now he is more and more finding his style and rythe.

It pains me to say this but PTA has really gone downhill. I could deal with The Master and all of its shortcomings, but IV was so god awful boring and incoherent that I think Anderson has finally lost it. Magnolia is a masterpiece and clearly Hard Eight, Boogie Nights and TWBB are superb films in every way. But Jesus Christmas the man needs to get back to writing films that have a point, not to mention a satisfying ending.

Couldn't have said it any better Protozoid. There is something to be said for maturing. People always expect things to stay the same, the job of an artist is to evolve.

Generally speaking, artists get better over time, not worse.
But, if the artist has early success, I've noticed, then audience perception goes the exact opposite direction (examples: Kubrick, Altman, Bergman, Fellini, Woody Allen, Ridley Scott, George Lucas, Spielberg, Coppola et al).
Anderson's first film was an arthouse hit and his second film was a big smash. He was very young at the time, and his movies showed it: his first three films are basically Robert Altman infused with some Tarantino and Scorsese. In other words, he hadn't developed his own voice.
I didn't even find Anderson interesting as a filmmaker until Punch Drunk Love. Usually I dislike t2000he director and Adam Sandler, but I liked the movie a lot.
Then There Will Be Blood happened, and finally, Anderson had developed his own voice.
There Will Be Blood is a masterpiece, as in made by a master. His earlier films were not made by a master, they were made by an apprentice who imitated his master (mostly Altman).
The Master was even better. That's one of the finest American films ever made, right up there with Orson Welles' stuff.
Inherent Vice was a lark something lighter than his previous two, and back in the Altman wheelhouse. Was it a masterpiece? Not quite. It felt like a master had gotten high and made a movie with his friends (which is pretty much what Altman used to do).
Complain if you guys want, but I think you are hobbling a fine director with a promising future. His work has only become more interesting, and his earlier work has lost all its appeal for me now that his voice has matured somewhat.

I didn't care for "Inherent Vice" but it was well made. I thought "The Master" was an amazingb68 film with such beautiful themes presented in PTA's unique style. It was my favorite film of 2012

Agree. Even some Kubrick movies I didn't like the first time. IV is great. I only heard about it from reading some post on IMDB. Don't even remember it being in theaters. I just liked some of PTA's movies before, but starting to appreciate them more lately.

I think the master is one of the most underrated movies in the past 5 years. It's a masterpiece of filmmaking. Inherent vice was okay when I watched it the first time. Then I watched it again and I loved it. I don't know why u say he should be ashamed that he made the master. Even if u didn't like it, u have to appreciate the direction and cinematography of the movie which are absolutely breathtaking.

I disagree. I think he's gotten better. The Master and Inherent Vice aren't as accessible as his previous films but they've left the biggest impacts on me compared to his previous films. I'm honestly at the point where I think Inherent Vice is a masterpiece.
I seriously think he should be ashamed of himself being responsible for that torturous film. He needs to get over himself and get back to telling a coherent entertaining story Its what hes best atDark Grim but always intelligent and overall entertaining
Damn, that's harsh.
Howard Huges was Italian?

I agree almost completely. PTA was my favorite director until the Master and IV. The Master felt like PTA trying to channel Kubrick with a pinch of Goddard thrown in for good measure. I still SORT of liked it but not a 10 like all his others. IV iI couldnt ever get into after trying several times. That is absolutely mind blowing to me as every single other film including Blood had me from moment one. Then came The Master and the PTA of old was gone just like that. Ironically i had stated I felt he was batting perfect and could do no wrong and then The Master. Hell it was double sadness as Joaquin Phoenix is one of my favorite actors! But even with him I couldnt give it higher than a 6 of 10. And IV I still havent watched all the way through. Sad indeed. He needs to stop and wait until his creativity comes back, and make another low budget roots film like Hard Eight and get back in touch with what made him great. Evolving is one thing but self indulgence is generally not good.