I didn't love it, but I liked it a whole whole lot.
As a Martial arts film, it's EXCELLENT. The choreography was, in a word: spectacular. Using anthropomorphic animals to represent their Kung Fu styles was signficantly cool, as well. And some of the moves they came up with... it was intense. Well, WELL done.
As a comedy, I was significantly less impressed. I did laugh a couple times, but some of the humor fell flat, and I noticed that a bit keenly with someone like Black slining around his lines.
As a story, I was actually surprised. It was carried by a set of spectacular actors, for one, and I was told it was formulaic and illogical... but in the vein of a martial arts film the idea of sudden mastery seems to fit. The flashbacks were, in a word, Legendary.