If you're looking for martial arts fantasy action, this is not the movie for you. In fact this movie was not meant for an international audience, or a blockbuster audience for that matter (unlike the much more extravagant productions Hidden Dragon Crouching Tiger, House of Flying Daggers, or Curse of the Golden Flower, etc.).
But as an artistic and philosophic film it's quite excellent. The "absurd/comical movements" one of reviewers mentioned are actually very realistic for the most part, compared to the above movies mentioned where people do completely impossible feats (they do make for nice action, yes, but that's not what this film was aiming for at all). In most other martial arts movies, what's on show is flourish, feats of fantasy, and badassery; in this movie it's a different kind of badassery -- it's simplicity and martial arts philosophy, "fighting like a true master."
If you can dig that, and if you're the type of movie-goer who pays attention to and likes all the little unspoken details that, if left unnoticed, makes you lose sight of the meaning and beauty of the story, then this is something you won't want to miss. The story itself isn't even the point, it's just the vehicle. That said, viewers with some knowledge of and appreciation for historical Chinese philosophy might enjoy this more.