It was the first movie I've seen with Jackie Chan ~10 years ago. It wasn't the one that made me a Jackie-fan - that was the Rumble in the Bronx and Frist Strike instead -, but I enjoyed to see an example of this classic shaolin/revenge genre.
Now after ten years I bought this DVD recently, and have seen it again. I wasn't disappointed with the movie itself - it is still seems to be an enjoyable classic, but just for the fans of the genre, or for the hardcore fans of Jackie Chan. Others beware! So the point is, it is classic because of it's style and because it have been made with Jackie Chan, who later became a legend.
One very important thing related to the DVD edition: it has very poor quality! Don't except a 'remastered' picture. And there's no widescreen: it's a 4:3 picture, with mono american dubbing (no original stream!). So just buy it for the movie itself, and not because it's in available on DVD, because it's not up to the DVD standards. If you have the VHS version already, you don't need to buy this.