I watched the American/European version, so my opinion is based on that. The film is visually stunning and the action sequences are great. The close-ups in particular are gorgeous. However, in a bad to make the film more understandable to Westerners, there are way too many title cards explaining bits of history. A lot of the time I didn't feel it needed explained and it ended up almost feeling like a bad documentary.
Many of Wong Kar-Wai's past films have seen the auteur trying to express abstract and complicated ideas entirely through his strong visuals -- sometimes unsuccessfully. Here, the biblically simple story works in perfect tandem with the expressive, rain-barraged pastels and legible action. Refreshing as a martial arts film and an artistic statement both.