It's fantasy martial arts (e.g. some people can fly) with some comic touches here and there. The budget wasn't massive (not at the level of a Hero or a Crouching Tiger...) but it felt epic nevertheless.
One of the masters, who (I think) was portrayed as wise and funny was fed poison, and on noticing, vomited it all out, and what was going on inside his bowels was portrayed with some rather poor visual effects.
I enjoyed this movie much, for I'm a sucker for oriental fantasy, but also because the movie had some powerful emotional moments (I remember there was some romance, complete with a gorgeous gal). I saw this movie within the last 15 years (can't remember when exactly).