Just finished my 2nd viewing. I recently felt as though I re-discovered Boogie Nights for the intensely fantastic film it is, so I was eager to rewatch this to see if I might expierience a similar reaction.
What really struck me this time around was the film's amazing connection with its music. There are 3 or 4 major pieces of music which play for long periods of time in the film, continuosuly running through multiple character's storylines, and always corresponding with what is being shown on screen. It really shows the amazing amount of directing talent Anderson possesses.
