One of the most influential martial arts films of all time, with an epic plot and innovative direction from Chang Cheh that changed the way martial arts films were made. I waited and saw this one in a theatre at a festival screening, but actually wish I saw it on DVD - i.e. without an audience that spent much of the first half laughing at some of the bad acting (of which there is a fair bit) and elements of the plot and dialogue, before eventually realising it was actually a good film and taking it more seriously. I don't understand why the face of the main villain was kept hidden until near the end - it didn't seem to be particularly meaningful when it was revealed (though I'd long since identified the actor by his voice). Anyway, definitely one of the must-see Shaws titles.

Worth noting that Tsui Hark's remake 'THE BLADE' is equally classic.