Fist of Legend, IMHO, is the best Jet Li movie to date, and among the best martial arts movies ever made. A darker, more serious film than the bulk of Li's work, it shines in both story and action. Reminiscent of OOIC in tempo and, to a lesser degree, tone, Fist of Legend surpasses its better known predecessor in intensity and elegance.
Using minimal wires, the fight scenes are absolutely breathtaking. What they lack in wire-fu acrobatics and superhuman theatrics, they more than make up for in precision, creativity, believability and plotline relevance. Three of my all time favorite kung fu fight scenes are in this single movie. While still a well told story, there is more than enough kung fu for even the most die hard. We simply don't get to see Jet Li fight like this anymore.
Jet Li, as always, is phenomenal, and his opponents are both skilled and artfully characterized. His serious portrayal of Chen Zhen far surpasses his Jackie Chan-esque comedic roles, yet retains a vulnerability not found in Wong Fei Hung. While originated by Bruce Lee, Chen Zhen was a role made for Jet Li.
The plot (as I'm sure you know) is derived from the classic Fists of Fury, but the depth and characterization of this rendition far surpasses the original. The political and racial turmoil surrounding the characters is more capably written and tastefully portrayed, never subtracting from the action.
All in all, a top notch effort, and the best blend of storytelling and kung fu I've encountered.