Okay, I have now seen the (region 3) DVD of this movie. Thanks to a recent ACCC (Austrian Consumer and Competition Commission) ruling about region encoding being a barrier to competition, we Austrians don't have to worry so much about such things. I love Chinatown grey market importers.
Holy mother of gawd, this movie rocks on a stick. Semi-structured rambling follows.
[POSS. SPOILERS]
The fight scenes were cool, and by cool, I mean totally sweet. I'm not exactly a martial arts fan as I think most people would use the phrase, but the way everything was beautifully choreographed, the background music, the cinematography -- it all left a huge imprint in my brane roughly the shape of Jet Li's bootprint. The scene that sticks most in my mind is Jet doing the whirlwind attack routine in the library, ending with him catching the falling teacup on his sword blade. Screw "low magic" and whatnot, THIS is what cinematic swordsmanship is all about.
Did I mention the cinematography? It says on the blurb that they spent around HK$250 million making this film, and it shows. The visuals are absolutely stunning, on par with CTHD or LOTR. Some of the massed army scenes look like they're straight out of The Two Towers.
The storyline was indeed a bit disjointed at times, partly because they're essentially telling 3 different stories in one movie. The characters were slightly underdeveloped for the same reason (I agree with the critic who said that Zhang Ziyi is woefully underused). If they release a "director's cut" at some stage, with the character development and exposition bits put back in, I'd buy it in an instant.
The Zen/daoist metaphysical overtones (studying calligraphy to learn about swordplay, renouncing your feelings, etc) I can see might not appeal much to western audiences, but I didn't mind. Hey, it's not that far removed from some of the more mystical aspects of Star Wars.
Speaking of Star Wars, the general plotline of this film (hero sets out to slay the evil tyrant, ends up sparing his life) could make a GREAT basis for Episode 3. I'm not holding my breath, though.