This is my favourite kung fu movie. It has a very authentic flavour, seasoned by an eerie music score (of tradition chinese instruments, I think), and some wonderfully over-acted melodramatic moments contrasted by heavily affected comedy. Indeed, while attempting to create their own "Western" (i.e. Cowboy film) genre, the Chinese concocted a whole new animal, marked by kung fu fighting and its associated sound effects.
The story of Five Fingers of death is simple, a story of revenge (for killing a loved one) and the pursuit of the main character to master the "iron-fist-technique" that will enable him to wreak holy vengeance on his enemies. There is even a love interest, though the awkward, polite kind (found in most Chinese films of the period). The end result however is great and much more authentic than any Bruce Lee movie.