It is possible to enjoy this movie. The first and most important thing to do is to forget that it has anything to do with the movie Iron Monkey. In fact, looking at it I'm not entirely convinced that it was intended to. There is no reason to believe that Donnie Yen's character is supposed to be Wong Kei-Ying. Donnie Yen's character (supposedly the Iron Monkey) isn't even the central character in the movie. I suspect that this may be a case much like American releases entitled Rumble in Hong Kong or Return of the Dragon, trying to cash in on the fame of better, unrelated movies. That's speculation on my part, though.
Still, there is some very good classic-style action in this movie, and if you can't see past the attempt to cash in on another, admittedly better movie, you're missing out. There are some very good action sequences in this movie, comparable to those in the masterpiece Once Upon a Time in China. Yes, the production value is kind of low, but if that upsets you that much you can't be much of a fan of Hong Kong cinema.
There is a lot of talent in this movie and it is definitely worth watching. Sadly, the American DVD release is only available in pan and scan with an English dub. It's always terrible to have the sides of the frame hacked off an action movie, but at least the dub isn't that bad (as they go). If you're a fan of more "old-school" Hong Kong action I'd recommend this movie, especially if you can get a widescreen and subtitled version.
