Let's keep things in perspective, folks.

Rating: Null/10 (27 July 2000)

Admittedly, I didn't see this film on the big screen like most of the early reviewers here, so that should be taken into account. However, I think I've seen enough films of this genre to say that while this is far above average, it's hardly the best. The plot is too disjointed and flat, breaking the "show don't tell" rule at every opportunity. Consequently, there is never any real feeling of emotional involvement or identification with the characters, nor is there a foreseeable climax that the film is constantly progressing towards. As if this dearth of dramatic impetus weren't enough, there's a flashback right in the middle of the film that's at least 20 minutes long, further removing the viewer from the storyline. Some may appreciate this unconventional approach, but I'm of the mind that certain genre conventions are developed for good reason.
Technically, the film is fine, but the increase in budget does little to separate it from the Hong Kong swordplay films of the early '90s. The costumes and sets, authentic or not, lack some of the color of those of other genre films. The wirework is generally not very well done; in a Tsui Hark film, wirework looks like exactly what it's intended to; in this film, it looks like actors being pulled around by wires.
For all my criticism, I did enjoy the film. The direction, choreography and scenery drastically improve in the final half-hour, and the character study approach is somewhat interesting, even if it does sacrifice forward motion. Despite the early, disappointing fight scenes, some of those in the second half are up to par with any other film of the genre. Michelle Yeoh and Zhang Ziyi's battle is particularly impressive, even if they are obviously doubled for the longer, more complex takes. It's a good film, and certainly looks like a masterpiece in comparison to the current competition from Andrew Lau and company. I just can't honestly say it was more impressive, exciting, or emotionally involving than comparatively cheap films like The Blade, Dragon Inn, or the Swordsman series.