I agree with the other reviews on here and wasn't going to write one, but thought there was something I could add. I'm not one of the "so bad it's good" crowd. 90% of the time when I've seen something billed that way I've come away saying, "No, that was just bad". "Petey Wheatstraw" comes to mind.
But this one works. It's more absurdist than parody, though some bits are just inscrutable (why does he dress as Cato whenever he fights Dracula???) It appears that it's only bad when it wants to appear bad. It definitely is a "B-movie", but it's a bit to well thought out to actually be one. Not that that means the screenplay is logical. It isn't. But the moving bits fit together just a bit too well to actually be an inferior effort. If you're in the mood for a "so bad it's good" and one of the crowd doesn't swing that way, but likes martial arts films, you could safely give this one a go.
The fighting is largely karate, with obvious bits of Gung Fu added to make it look kind of like Gung Fu. Is that deliberate? Low budget? Who knows. The karate ain't bad. Bits of Muay Thai and lots of other things. Bruce imitates so many of Lee's mannerisms that it doesn't much matter, but for those that want a bit of serious martial arts, some of the karate choreography isn't bad. Again, revealing that it's not so "B" as it wishes to appear.
So, my verdict is "crazy like a fox". Which isn't to underestimate how crazy it is. Popeye. (Cum theme music and real life versions of his classic animation sequences) Yeah, dudes, you betray that you're thinking more than an Ed Wood would. (And that pun is totally in keeping with this film).