If at all possible, get the original Chinese/subtitled version of this film under the name, Tai Chi Master. The U.S. edit version, Twin Warriors, cuts out some short but apt scenes that lend extra continuity and humor to an already fine story. The dubbed dialogue also dulls the storyline, foregoes some subtle humor and stunts some of the character development. O.K., so the English subtitles often lay waste proper (English) grammar, spelling and word useage, but that's part of the charm of this type of movie. (Why don't Chinese producers hire proficient, English-as-a-first-language editors to do a final review of the subtitles? I would be willing to do it part-time, for a modest stipend and free copies of the DVDs. :)
This film plays the classic elements of revenge, loyalty, betrayal, and the clearly emerging deliniation, and struggle, between Good and Evil, quite well. Admittedly, some of the wire-work is fantastic, but it lends, not detracts from, the epic scale of the story. Jet Li portrays the "good guy" extremely well, with Michelle Yeoh in a very good supporting role and contributing one of the movie's best one-on-one fight scenes.
I saw this film at the theaters almost ten years ago, when it was first released, and it is still on my personal, "top 10" list of the best kung-fu movies I've ever seen.