This film first came out back in December in Asia and broke the all time Hong Kong box office record. Not sure if Columbia Pictures made any edits, but if you want to see it in its original version, go get the HK version DVD that's out now.
On the surface, the movie may seem to be a crazy, slapstick comedy that parodies the Matrix, Spiderman, Bugs Bunny, and Dragon Ball, but at the heart of the film is a major homage to the 70's Hong Kong martial arts films and the realization of a child's dream. Hey, who doesn't want to become a super hero overnight?
All of the major actors/actresses, from Landlord/Landlady to the Beast, in the film are real kung fu masters. In fact, the landlord and landlady were both classmates of Jackie Chan. It is quite unusual for Stephen Chow to take the back seat and let these real masters have the spotlight throughout the picture. Furthermore, the final fight scene between Chow and the Axe gang was an obvious tribute to Bruce Lee's "Fist of Fury". In this climatic battle, not only did Chow dress like Lee, he also employed the simple yet lethal fighting style that Lee invented. All the other fighting styles/attacks in the film were also based on famous Chinese novels. For example, the "Lion's Roar" and the "Toad's Stance" were taken directly from the "Condor Heroes" trilogy by Jin Yong. Even the soundwave attack had its root in the novel "The Six Fingered Zen Devil". Finally, it is interesting how the progression of the film from old school choreography in the beginning to the CGI heavy battles at the end symbolizes the transformation that martial arts films have undergone in the past few years.
Start with one's childhood fantasy, pay your respect to those who inspired you, mix in with some CGI/comedy and top notch cinematography/editing, and you have a very entertaining film.