Every time I watch one of these films (early 90s Hong Kong martial arts with strong fantasy/comedy elements) I feel it might be the last one. And every time I find a new one I'm elated that there are more to discover. The Sword Stained with Royal Blood may not be one of the absolute highlights of the genre, it's perfect fan material.
I wasn't too impressed with Cheh Chang's Shaw Bros adaptation, this version resolves most of that film's issues. The story is pretty basic, then again you're probably not watching this for the intricate plot. Heroes and bad guys fight it out, with some mistaken identities and volatile relations thrown into the mix to keep things interesting.
The action is great, the comedy is fun (RIP Man-Tat Ng though) and the fantasy elements add the necessary flair. What draws me to these films is the insane pacing, giving you absolutely no room to breathe, and this one definitely delivers. Fun from start to finish, perfect genre filler, well recommended if you haven't seen it already.