I absolutely love this movie. It has a good story, and perhaps best of all, is jam-packed with creativity and wild action. I know some fans were put off by the amount of comedy in the film's first half, but I think it helps make everyone more human and believable, even when they are flying over churches and engaging in insane kungfu fights. It also helps the film's finale pack more of an impact.
The best thing about this movie is the visual style. The masks and set-pieces are very nice, and the action sequences are stylish and unique. It's too bad they don't make them like this one anymore. But at least they made it once.