Years ago I watched the first version of this movie and it broke my heart. I mean, after delicate and audio-video-stunning movies as 'In the Mood for Love', '2046', or 'Chungking Express', I expected nothing less from Wong Kar Wai. Unfortunately, this film disappointed me (a lot!). A convoluted, great story, but really poor image and sound, which actually cut the mood. And the ridiculous 2 cents sword fights, good enough for your regular asian swords movie, but utterly out of place here. And all the confusion - who said what, who did what...
After 4 years or so of hard work rebuilding the movie from 'parts', spread here and there on planet Earth (the original master is lost), here we are - there was, indeed, light! The author said in one of the interviews put on the redux version DVD that he didn't want to change anything and he kept the original version, only remastered, with better audio and video. Well, it's a plain lie! He reorganized the sequences, made some subtle but significant changes in dialogue lines, got rid of the unnecessary battle sequences and stylized a bit more the others etc. - eventually we have almost the same movie, but a really different one at the same time. The story, image, acting, music, philosophy, feeling - are all true Wong Kar Wai now and this is one of his most important works, equal to the above mentioned films in greatness. I strongly recommend it to anyone in love with those movies.