Last night I saw Iron Monkey. The film, which was made several years before Crouching Tiger, Hidden Dragon, clearly inspired elements in the later film. They have similar historical/mythical Chinese settings and achieve similar levels in martial arts action choreography (which is to say, they’re both spectacular to watch).
But the similarities only serve to make the differences more obvious. Crouching Tiger, with its broader scope and vision, more complex characters, and much more interesting storyline, is a much, much better film.