several things
1. know that this is a part of a much larger tale, a chinese mythological epic about Taoist legends surrounding the Zu mountain ranges. The original story's fame in Chinese communities is almost equal to that of Three Kingdoms or 108 Bandit Kings.
2. the older movie of a similar name starring Brigitte Lin and Adam Cheng is much better of a movie overall. If you don't mind watching 'old fashioned' movie tech, then definitely watch that one first.
3. Ziyi Zhang's part in this new version didn't help the story at all, she was just there because she was in Horizontal Tiger, Vertical Dragon. (HK joke name for Crouching)
--sorry, but i can't take any opinion that starts with "yo" seriously.