Well, having finally watched The Master, all I really want to say is: not so good.
Character piece? Sure. Much of the movie works like that and it's interesting. I disagree that Dodd wanted Freddy out of the Cause, but it's not worth arguing about. The ending, though, just sputters. It's rushed and not very satisfying, and it's enough to knock the movie down a star or two. The only reason I don't consider it outright bad is because of some really good performances by Phoenix and Hoffman, but good performances aren't enough if the whole of the story is lacking.