Tsui Hark excels at this sort of movie. Wu'xia, flying people, wild characters, duels in the sky. I particularly liked the battles fought for control of the gall bladder of the 1,000 year old fire tortoise, and the flirtatious Lady Jade Flute.
Incidentally, the theme song was sung by Anita Mui and Jacky Cheung.
Fast, furious and fun.