So many people reviewed this as bad and I will be damned if I understand why. The story is that of an old Chinese legend (well, a more modern interpretation), the actresses are very beautiful and the acting, for what it's worth, is not bad either. To bash a movie because the CGI is a little choppy and Jet Li fights magically instead of kicking behinds seems the height of triviality.
The Legend of the White Snake starts a long time ago, way before there was a written version. The original is quite different from the modern version as well, being a horror story about a demon tricking a human to fall in love with her and her jealous demon buddies are doing everything in their power to break them up. At least this is what I got from Wikipedia. The film, though, presents it as a total love story where the White Snake and her sister are benevolent demons who visit the human world and eventually fall for two guys. The natural order, represented by the Buddhist monk Fahai, a non compromising demon hunter, doesn't allow this type of union and eventually it all escalates into a bad CGI extravaganza.
I thought the morality of the story was a little bit confusing, but complex, worthy of a script. Nothing is completely black and white and in the end the message is tolerance, even if not everything turns out OK. This complexity has kept my eyes glued to the screen until the end. Yes, the CGI could have been better, but who really cares about that?
Bottom line: I liked it. Popularizes a Chinese legend that I knew nothing about, shows people that a film can have a complex story that is not just black and white, stars really cute Chinese ladies and in end was quite entertaining for me. No masterpiece, but really better than average.