I saw Malick's The New World yesterday. Like other movies by the guy it's beautiful and has a very slow pace. I really loved it, although it might not be a lot of people's cup of tea.
The beginning, where the english first reach Virginia, is one of the most beautiful scenes I've seen.
Also, Q'orianka Kilcher is surprinsingly awesome. In fact the acting is pretty much top notch, although I felt that Colin Farrel couldn't keep up with the rest of the cast.