Watching this film feels like coming into a series of graphic novels or a television series halfway. There are a bunch of the top martial arts practitioners of China tied up and the evil dude, Lord Godless, wants them to commit to him as he takes over the country. Wind and Cloud, two other guys, need to get lots better at their fighting if there is any chance of conquering him.
Sure enough, on Wikipedia it mentions that this is a sequel (although not a direct sequel) and that it is indeed based on a comic series. Once I let myself become comfortable with not really knowing what was going on, it was fine and dandy. There were lots of really cool fight sequences and it is very beautiful, I’d really just watch it for the aesthetics.