Not good.

Rating: 3/10 (9 July 2000)

I can't understand all the hype about this movie.
It may be visually interesting with good cinematography, special effects and fight scenes but as an artistic and dramatic work it is extremely flawed.
The special effects are good but ultimately repetitive and over the top.
The acting was good but the speech was awful! I believe this film was shot in Mandarin and that's the version I saw (with English subtitles). It was obvious to the Mandarin speaking audience here in Singapore that none of the leading actors bar Zhang Zhiyi are comfortable with speaking Mandarin. Too many of the "serious" lines became hilarious. This wasn't at all helped by the awful scripting with some of the worse lines I've heard (and read) since Sliver.
There are unnecessary characters - e.g., the irrelevant undercover cop and his rather plain daughter - who don't add anything to the story. The obligatory comic element represented by the bungling security guard isn't developed - he's just a character that comes out of nowhere, bungles through the movie and and is forgotten at the end of the movie without adding any value to the part. Most criminally, he isn't even very funny.
Some reviewers have commented on the supposed artistic qualities of this film. Ang Lee certainly had the opportunity to make a this film commentary an exploration of the issue of personal freedom vs duty - but the ending is a total cop out which undermines anything if at all achieved in the film.
Apart from good performances from Chow Yuen Fatt, Michelle Yeo (bar her inability to speak Mandarin) and Zhang Zhi Yi, this show is absolutely forgettable.