I think this is both troubling as a film and revealing of Chinese character. As a standalone, it is I suppose fairly enjoyable, the cinematography is nice, the story long but intimate in spots, the fights some of them amazing. But, this is not just a standalone, it has a rich context - the protagonist is a popular folk hero, the times of foreign oppression and inept administration it depicts were real and left punishing scars in the Chinese soul.
Something else bothers though. As a student of the Chinese model, I encounter this elsewhere, I believe it does a lot of bad, and turns away as many people as it brings in. What they Chinese do usually has both hard and soft aspects, Confucius and Tao would be on opposite ends of this, kung fu and meditation. When Western people are exposed to it, say with a film like this, unwittingly we register it as one picture. It endears, it's a scented romance.
What isn't so easy to appreciate though is that to get that single harmonious picture the Chinese obsessively flatten their multifaceted experience, this is evident in the continuous reinvention, passionately undertaken, of both their political and martial arts narratives, and of course their penchant for opera. Naturally, corners have to be cut in the name of a tidy narrative.
And this carries over in (cinematically) packaging these things in ways that eliminate subtler levels in what they do. Because the harmonizing effort is forcible, it can't help but take out of these things their soft wind, which is their real power in both the Taoist and creative sense. If you accept as I do that wisdom is tolerance and capacity for cognitive dissonance, this artificial harmony wherever encountered dumbs us down.
In the film, you have the good sifu vs evil sifu, the good-natured but bumbling disciples, the evil street gang, the cruel army bureaucrat and foreign officials - all of them 'hard' stereotypes from the Boxer era, acted in a hard (external) manner.
And I believe the point at some stage was to contrast soft 'chi' based awareness in the Jet Li character with hard 'iron body' kung fu in the rival master as the difference in karmas they set in motion. This has been flattened in favor of more or less the same kung fu.
So hard politics, hard acting (mirrored in the opera stage and two 'fake' actors), hard martial arts in the service of mythmaking. Is there anything soft here, internal? The woman. She has come back from the West, straddles both worlds. She has come back with a camera, which she uses to snap pictures.
Her eye is 'soft', stills motion, caresses the shadow of the one she loves. Too bad they didn't make more room for this, using it to cultivate dissonance, reflection, innate capacities for clarity and beauty, which could then transfer over to the fights.
The music is marvelous though. And the camera glides as though on wires of its own.