As a fan of Derek Yee and his other starring role in "The Sentimental Swordsman", I entered the film expecting much of the same and to be entertained again with martial arts in a simple magical setting. However, I exited the film with much more than that.
From the start you will notice the film's strengths is in it's superb directing and cinematography, which later evolves to showcase the unmatched set design by the Shaw Brothers studio. The choreography, a satisfying dance to the film's poetic themes and dialogue.
Unfortunately, the other reviewers held their subjective views on the protagonist's character development against the worth of the film, but objectively, you may find similarities with the "The Count of Monte Cristo", and respect the film offering a complex character that has managed to wrestle with your emotions. Like "Monte Cristo", this film is also surprisingly wise and insightful, and I enjoyed its philosophical perspective.
There are stronger overall films within the genre, so I feel comfortable rating this film an 8/10, but that also guarantees a rewatch from me in the future, and a recommendation for you right now.