First up, anyone wanting to see Crouching Tiger, Hidden Dragon style martial arts carry-on should look elsewhere. This film is a one of the increasingly perplexing (to Westerners just after kung fu) school of Hong Kong comedies known as 'mo lei tow' (nonsense) films.
The basic feel of the movie is something akin to the Simpsons set in Ming dynasty China. Women pretend to be men, women fall in love with women pretending to be men, the women pretending to be men fall in love with the actual men, who are trying to fix them up with the women. It's a bit like a Shakespeare comedy, actually, with hilarious surreal flourishes.
So that's all good. Tony Leung is great as the male lead, as always (he's the Hong Kong equivalent of Robert Redford or Paul Newman, though somewhat younger). Faye Wong is equally good as the female lead, and her singing is lovely. The best bit in the film is a scene where Leung and Wong get stuck in quicksand and try to persuade a goose to rescue them.
Sadly, things go awry. Producer/director Wong Kar Wai is notorious (and critically lauded) for making arty, boring films (examples include the dreadful Ashes of Time, and In the Mood for Love), so I was pleasantly surprised that this film was so different. Alas, at the end, Wong tries to inject dramatic weight into proceedings to resolve the romantic tensions, and the action becomes a series of oblique internal monologues containing near-meaningless aphorisms (Wong's "forte"). Stumbling and choking under the weight of this nonsense (and not good, mo lei tow nonsense either), the film's conclusion is unnecessarily leaden and downbeat.
Still, Chinese Odyssey _is_ a funny film, and even the downhillness at the end can be excused. For more genuine examples of mo lei tow cinema (ie, not contrived by an arthouse director selfconciously trying to make his mark on the genre), try Flying Daggers (1993) or Stephen Chow's Forbidden City Cop (1995). In fact, just watch any Stephen Chow film.