The criminals show some oddly honorable impulses, but cannot be counted on even in those. The characters tend to follow their own inner laws rather than the conventions of hero and villain. Cimino's script, co-written with Oliver Stone, isn't the most intelligent piece of writing in recent memory. There are definite flaws in the story, and it would play better twenty minutes shorter. The basic concept is interesting, and the characters are well written.
Some dialog is good, some less so.
Scenes involving plot exposition and historical background are particularly painful, as is the dialog written for Rourke's love interest, a Chinese reporter poorly played by a model named Ariane. Cimino does a better job directing than writing. In particular, the action sequences are practically like a belt in the jaw. The shootouts, knifings, chases, and fistfights in Year of the Dragon are almost a primer on how to make action exciting. Cimino also does well with his main characters, but shows a less sure hand when not focusing on them.