I found this movie slightly disappointing.
It seems there are several different strains of HK Action Flicks. Jackie Chan does pure fist/leg martial arts with no wires. Jet Li tends to use more wires, but "Once Upon a Time in China" seemed to be more dependent on the action than the wires. This move depends so much on wires and magic powers that you really don't get very much in the way of good swordplay and kung-fu. It seemed pretty cheesy from the beginning, and I left it on only because I had nothing better to do. Then it started getting good. The plot gets pretty complicated, as you see hidden motivations and conflicting desires causing problems for the characters. Unfortunately, the movie never really capitalizes on some of the things the characters discover, and the ending reveals a mystery they really hadn't set up well, forcing the characters to reveal too much in their dialogue, as in, "You see, this was my plan all along! Now I shall kill you!" Not dull, exactly, but it never fulfills the potential of the plot developments to overcome a cheesy approach to martial arts.