The American re-release of this film, "Legend of the Red Dragon", is a mess. Shows how important seven minutes can be to a film. Deannie Yip's part (Red Bean's mother) is ripped to shreds for no discernible reason whatsoever, which unfortunately makes an important plot twist seem trivial. Also, she has the best comic moments in the original film. Columbia-Tristar is the villain here. They must think 'Fu film fans are stupid - which only goes to show how stupid THEY are. A real insult.
The original film is by no means a great film; intentionally anachronistic and overly dependent on special effects, it is clearly a kind of throwaway for Jet Li and director Wong Jing (although certainly not as trashy as their Wong Fei Hung parody, "Great Hero/ Last Hero of China"). Still, it is entertaining to a surprising extent, largely thanks to Yip's comic performance. If you can find the original (I saw it on a Tai Seng tape), don't expect much, but you may find yourself enjoying it for the characters if not the martial arts.