I watched this because of the previews, which showed a kind of Matrix/Crouching Tiger/Raiders cash-in, but I was very disappointed. All the rip-offs were there, but very poorly done (even the CGI effects looked cheap). This might be what Sid and Marty Krofft would do if they were still making Saturday-morning fare.
The plot was obviously padded, the wind-ups (it seemed like there were about 30 of them) were anti-climactic, and the worst thing was the mish-mash of American and Chinese pseudo-mythology that has people saying things like "For Buddhaaaaa" while jumping off cliffs towards battle and painting Confucious as an ass-kissing bad guy.
Along the way we have things like an American bookworm achieving God-level martial arts skill with only 3 days of practice, and a random globbing together of events in Chinese history that took place anywhere from 3000 to 30 years ago.
All-in-all this was an insult to anyone that knows anything at all about Eastern history and philosophy, and a destruction (ie: more than a waste) of 4 hours for everyone else.