Excellent movie, in my opinion. I like Yuan Biao's kung-fu better than Jackie Chan's and the humor in this movie is excellent. Luckily, it seems to transfer into English well, so you can have fun even with just subtitles. The movie has enough dark moments (not child-safe) to remind you what the stakes are, the love interest between Yuan Biao and Maggie Cheung is touching and poignant, and the kung-fu action is excellent.
But it is important to remember that there are certain conventions in Honk Kong action flicks. It's also important to know which kind this is: mainly fist/leg action, with a little wire-work that doesn't detract from the excellent fight choreography. Heck, there's some decent sword-work in this one, too, which is a nice bonus in my opinion.
But "Hero" or "Crouching Tiger, Hidden Dragon" or "Farewell My Concubine" it is not. Don't expect a deep movie that will change your life, and you won't be disappointed. Expect a decent kung-fu movie with humorous touches and serious issues and you'll probably be satisfied.