After watching Drunken Monkey the first time, I wasn't all that impressed, and rated the movie a 6.
But in hindsight, I have to say the action was really good, the kung fu was superb, and the story almost epic - not so much in its content, but in the way it was presented. The movie looked really good in a graphic and cinematic sense, and many scenes are quite memorable. While the plot structure and most of the characterization weren't fantastic, the comedy was after all fairly effective most of the time, and the movie also managed to maintain the serious story quite well.
I have now amended my rating of Drunken Monkey from 6 to 7 - if it wasn't for some very silly things (like, why is the "young uncle" suddenly considered head of the family??), it could have gone as high as 8 (edit: which in fact it now has). The production values were consistently great.
Edit (may 10, '05): Having seen the movie again, I am now up to an 8 rating. Man, these guys take kung fu seriously! The silly things no longer strike me as all that sillly, and I'm growing much more fond of the characters. What a crime that the fabulous Jacky Wu has only done three movies. All three are great; the two others (Tai Chi Boxer from '96 and Legend of Zu from '01) have both earned a 9 rating from me.