To be honest, I am not a big fan of Stephen Chow's earlier works. Not that they were bad, but they were not as good as the classics such as God of Cookery, King of Comedy, Shaolin Soccer, and of course, this film. I found the early films with Stephen talking in a cartoonish "comedic" voice annoying.
The ones where he has more creative control tend to have him speaking in a more natural, and more deadpan voice and those films tend to carry deeper messages than just a mindless comedy. Seriously, some scenes are moving.
Now back to this movie, there's really not much to criticize here. The acting, the dialogue, the typical Stephen Chow style of humor, all fantastic. There aren't many ROFL moments, but there are endless classic funny moments that the film will make you grin from ear to ear pretty much from start to finish. And I know that I personally still quote some lines from the movie in my everyday life... :)
The one knock I do have is Gong Li, whose talents seem wasted in the film. No doubt she looks great in the film, but she's not given much to do and seems rather wooden as if she did not enjoy herself in the movie. Knowing Gong's talent, it felt strange to see her character just be a "vase" love interest and nothing more.
I guess you don't want to have anyone upstage Stephen but in that case why not cast a starlet with a less impressive resume than Gong?
However, overall, this is a great film and I highly recommend it.