As another reviewer noted, this is not really a martial arts film at all. It's a romance and a study of obsession. The plot details are subtle, but by the end of the movie, things become clear in a very satisfying way.
Visually, this movie has some very creative cinematography that is quite captivating, and very revealing of character. The acting is very good, especially the roles of Nana and Tu.
The "fight" scenes, and the whole handling of Ming Ming's fighting powers, is the weakest part of the movie. If you sit back, though, and view these scenes as being magical realism, you can enjoy the visuals and the characters and the plot.
I enjoyed the movie the first time through for the visuals and the characters. It then immediately watched it a second time, and really enjoyed the plot, which made a lot more sense the second time around.