The fact that spaghetti westerns rarely, if ever, feature spaghetti should tell you something about dishonesty in film making.

Rating: 7/10 (30 June 2017)

It's really good, but you should try not to view it with the expectation of conventional film making, despite the time tested method of storytelling.
Watching this film for the second time recently, someone I was with remarked that this film resembles a sort of Greek tragedy. I think that's actually a really good way to contextualize this film. The way this film is written and presented is more evocative of ancient methods of storytelling which precede traditional film. I'm not really referring to the way the way the characters speak to each other necessarily, nor the predictability of the narrative (though in fairness, the narrative isn't super hard to follow or even predict). The methods I'm referring to run more along the lines of storytelling by the characters, exaggerated supernatural ability of the characters, and the clear sense of morality and ideology by both the characters and, it seems, Yimou Zhang. The writing of this film reminds me more of Homer's Odyssey than a kung fu movie.
Speaking of Homer, the characters in this film are presented in the action scenes as being superhuman in skill and ability. This is done, of course, via beautifully choreographed wire fu. These scenes are plentiful in the film and greatly accentuate the poetic nature of the story. I should clarify though, for the most part the action in this film is meant to express emotions that have very little to do with tension. They're not typical movie fights. The point is not to wonder what will happen or who will win, but rather to understand the emotions and motivations of the characters through a sort of elaborate dance. If you understand the nature of the story and how the action compliments it, then you will see its true value.
The common complaint I hear concerning this film is that its somewhat shallow. I would actually agree with that, in a way. This film doesn't really ask any difficult questions, and I can't imagine any intelligent audience would find it especially challenging on an emotional level. While I do admire the relatively unique method of story telling, so far as the context of the film medium is concerned, I can't say it lends itself too well to the type of moral quandaries or meditations which are characteristic of great films. It's akin to a children's film. The observations and themes it presents are things which are just common knowledge for anyone older than 12. That's not to say it's bad. This is a very good film. Bear in mind though, that your emotional resonance with it might not amount to much.
It's a visual feast, and a love letter to historical storytelling. Check it out, but don't come with too many expectations of a conventional film.