I loved many of Tsui Hark's epics from the 80s/90s, but haven't seen anything from the director recently, so I probably went in with fairly neutral expectations.
This was an enjoyable ride. Like others have noted, it's comparable to a Chinese "Sherlock Holmes" (the recent Guy Ritchie version), or a movie-length, Tang-dynasty-set "CSI". Overall, it was a rather original experience - more than I can say for most movies nowadays. There are several intriguing characters and the pace and acting are solid. While the central murder mystery - whodunnit and howdunnit - is not exactly a head-scratcher, it does provide a good structure for some exciting and beautiful visuals.
Was the CGI completely up to the director's vision? Definitely not, but to naysayers, I say, loosen up! The budget for this movie is less than that of a typical Jennifer Aniston romantic comedy! I appreciated and enjoyed the whole movie enough that I wasn't overly distracted by the not-so-special effects.