I've seen it. It was one of the best movies of all times. Perhaps even better than Crouching Tiger (Warning: it does have a higher dose of flying about than Crouching Tiger did. Think of it as folktale instead of a movie). Beautifully shot and directed. Pay close attention to Jet Li's first fight against the guy with the silver spear - the rain, the blind musician, everything was awesome! (it was the best fight in the entire movie, and the latter scenes, although graceful, were eclipsed by that first one. Five stars and both thumbs up (coming from me, that is high praise indeed - just ask Taw
).
Oh by the way, stay the frell away from "Warriors of Heaven and Earth". Had potential, but instead it chose to input some religious mysticism and lamest ending in the entire history of the Middle Kingdom, and thus stank to high heaven.