It's a film that is all mood and atmosphere; it really is a visual and auditory feast... Polished and refined, it's definitely beautiful, with exquisite fight scenes... But the plot is convoluted and though not quite incomprehensible, at times it comes dangerously close. Everything seems buried a bit too deep below the surface. Probably a film one could watch a number of times in order to access that cerebral level.
I'd recommend it, it's Hou Hsiao-Hsien's best film since Flowers of Shanghai in 1998... but from my first viewing during VIFF, I don't see it as quite the masterpiece some have made it out to be. Watch it on the big screen if you can.